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Sovereign Wealth Funds Briefing - Categorized | Financials

Sovereign wealth fund hits $1bln as FG, states reach compromise

Posted on 20 January 2012

The Federal and state governments have finally agreed to withdraw the sum of $1 billion from the Excess Crude Account (ECA) into the Sovereign Wealth Fund Account.
Ngozi Okonjo-Iweala, Finance Minister and Co-ordinating Minister for the Economy, who disclosed this at the ongoing Investigative Public Hearing on Fuel Subsidy Management in Abuja , added that the total sum of $1.001 billion was accrued into the account domiciled with the Central Bank of Nigeria (CBN)………………………………………..Full Article: Source


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