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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria faces questions over ‘missing’ oil money

Posted on 10 February 2014

Africa’s biggest oil producer Nigeria is facing questions about where billions of dollars in oil money is going, amid suspicions of fraud and it being syphoned off to fund election campaigns. The issue has been rumbling on since September, when the governor of the Central Bank of Nigeria accused the Nigerian National Petroleum Corporation of withholding $49.8 billion in oil revenue.
Some of the funds go into a rainy-day fund, called the Excess Crude Account (ECA), to ensure the government budget is financed in case world oil prices fall sharply. According to the latest central bank figures, the ECA held $11.5 billion at the end of 2012, but this had dropped to $2.5 billion in January this year………………………………….Full Article: Source


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