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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Excess crude cash shrinks to $5.1bln

Posted on 23 August 2013

Reserves in the Excess Crude Account (ECA) shrunk to $5.1 billion following the withdrawal of N115 billion from it to augment revenue shortfall for the July Federation Account Allocation Committee (FAAC) disbursements to the federal, states and local governments.
Minister of State for Finance Dr. Yerima Lawan Ngama told reporters after a belated FAAC meeting in Abuja yesterday that it became necessary to draw from the ECA because of a massive drop in revenue from N863.026 billion received in June 2013 to N497.984 billion in July………………………………………..Full Article: Source


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