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Sovereign Wealth Funds Briefing - Categorized | Financials

FG depletes excess crude account to $7.8bln

Posted on 27 March 2013

The country’s Excess Crude Account (ECA) was last week depleted to $7.82 billion from $9.242 billion, following approval of the National Economic Council to deduct $2 billion for fuel subsidy payments and sharing among the three tiers of governments.
Governor of Akwa Ibom State, Godwill Akpabio, explained at the end of the meeting held at State House, Abuja that the $2 billion deduction was to facilitate various development projects being executed by the different tiers of government across the country. “An update on the status of the Excess Crude Account was presented by Alh……………………………………….Full Article: Source


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