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Sovereign Wealth Funds Briefing - Categorized | Financials

Nigeria: FG, states withdrew N802.9 bln from Excess Crude Account in 2013

Posted on 28 January 2014

About N802.9 billion was withdrawn from the Excess Crude Account (ECA) in 2013 to shore up shortfalls in monthly revenue collections as well as settle arrears.
The ECA, which was created to provide succor during the rainy days, had been depleted to about $2.5 billion by January 17, 2014 from about $11.5 billion in December 2012. Analysts have argued that its depletion could not be justified because there has not been any serious economic shock to warrant the decimation………………………………………..Full Article: Source


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