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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Excess Crude Account decimated to $460mln

Posted on 16 August 2010

From Thisdayonline.com: The sum of $3 billion has been taken from the Excess Crude Account. $2 billion of it was shared among the three tiers of governments while $1 billion was set aside for the proposed Sovereign Wealth Fund which is yet to be signed into law.With the withdrawal, the depletion of the Excess Crude Account brings its current value to only about $460 million.

There are growing concerns that so much have been taken from the Excess Crude Account without tangible improvement in the lives of Nigerians…………………………………….Full Article: Source

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