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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration

Excess crude account drops to $3bln; $1bln withdrawn for Oct allocation augmentation

Posted on 15 November 2013

Following the withdrawal of one billion dollars for October allocation augmentation , the Excess Crude Account has dropped to three billion dollars. Minister of State for Finance, Dr Yerima Lawan Ngama, speaking after the Federation Accounts Allocation Committee (FAAC) meeting, in Abuja, Thursday, said that October revenue was short of the budgetary allocation of N465.057 billion.
“In the month of October 2013, the total mineral revenue that accrued to the federation account is 443.052 billion. This is a little short of N465.057 billion that is in the budget for the month of October 2013 hence we have a negative variance of N22.005 billion” he said………………………………………..Full Article: Source


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