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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Excess crude account hits $8.4bln

Posted on 15 October 2012

The Federal Government, states and the 774 local government areas in Nigeria shared a total of N566.5 billion for the month of September, as the accruals to the Excess Crude Account (ECA) rose to $8.4 billion. The shared fund came from Statutory, Value Added, SURE-P and refunds from the Nigeria National Petroleum Corporation (NNPC).
Minister of State for Finance, Yerima Lawan Ngamam, while briefing newsmen at the end of the meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, said the gross revenue of N594.7 billion received for the month was higher than the N564.884 billion received in the previous month by N29.6 billion due to a rise in crude oil production and an increase in the price of crude oil in the international market………………………………………..Full Article: Source


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