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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Excess crude account: Govs to seek final resolution from Supreme Court

Posted on 30 January 2013

Determined to definitely resolve its dispute with the Federal Government over the Excess Crude Account (ECA), the Nigeria Governors’ Forum (NGF) is, again, set to go to the Supreme Court. However, the Federal Government Tuesday approved the distribution of $1 billion from the ECA among the 36 states and the Federal Capital Territory (FCT) to enable them to execute projects.
The decision received the blessing of President Goodluck Jonathan, according to the Chairman of the Nigeria Governors’ Forum (NGF) and Rivers State Governor, Rotimi Amaechi, at a joint media briefing of State House correspondents at the end of the 45th National Economic Council (NEC) meeting, with his Abia State counterpart, Theodore Orji; the Minister of National Planning, Dr. Shamsudeen Usman and Minister of State for Finance, Yerima Ngama………………………………………..Full Article: Source


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