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Sovereign Wealth Funds Briefing - Categorized | Performance

Excess Crude Account depleted, says Fed Govt

Posted on 15 June 2011

The Federation Account has been depleted by N162,110 billion, it emerged. This development has forced the Federation Account Allocation Committee (FAAC) to dip into the Excess Crude Account to augment disbursement to states for June 2011.

Acting Chairman of FAAC and Permanent Secretary, Federal Ministry of Finance Alhaji Danlami Kifasi told reporters that this development led the three tiers of government to share N606.541 billion as against the budgeted sum of N615.757 billion……………………………………….Full Article: Source


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