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Sovereign Wealth Funds Briefing - Categorized | Financials

FG increases excess crude account to N1.6 trillion

Posted on 15 August 2012

The Federal Government has as part of an immediate plan to provide a buffer for the economy increased the Excess Crude Account (ECA) from N848 billioin ($5.3 billion) to N1.6 trillion ($10 billion).
This was part of the high points of the decision taken Monday by the National Economic Council (NEC) to protect the economy for at least three months from a possible global recession. While expressing confidence in the economy, the National Economic Council stated, ‘the economy is in good standing but pointed out the need for more judicious borrowing and application of funds by different levels of government.’……………………………………….Full Article: Source


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