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Sovereign Wealth Funds Briefing - Categorized | Performance

Nigeria: FAAC - Excess Crude Account shrinks to $3.2 bln

Posted on 17 June 2010

From Allafrica.com: Nigeria’s excess crude account has further shrunk to $3.2 billion from $4.6 billion last month, the Accountant General of the Federation said yesterday.Ibrahim Hassan Dankwambo said in Abuja at the Federation Accounts Allocation Committee (FAAC) that the reduction was because federal government dipped into the account to pay receipts such as subsidy to the oil marketers.
He did not say how much was paid to the marketers but however said in a communiqué issued after the FAAC meeting that N22. 7 billion was taken from the account to augment revenue shortfall for the month of May……………………………………………Full Article: Source

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