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Sovereign Wealth Funds Briefing - Categorized | Financials

FG Withdraws N1.9tn From Excess Crude Account

Posted on 04 July 2014

Reports obtained from the Budget Office of the Federation has revealed that the Federal Government withdrew the sum N1.99tn from the Excess Crude Account in the 2013 fiscal year.
The office, in its 2013 consolidated budget implementation report jointly signed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Director-General, BoF, Dr. Bright Okogu, said the amount was used to settle various obligations of the Federal Government owing to its inability to meet its revenue targets. The withdrawals for 2013 were marginally lower than the N2.07tn taken in the 2012 period by N800m or 3.86 per cent………………………………………..Full Article: Source


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