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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Nigeria: As the Excess Crude Account bubbles again

Posted on 02 August 2011

Information from the last Federation Accounts Allocation Committee (FAAC) meeting indicates that Nigeria’s Excess Crude Account (ECA) is once more building up. We were told by the Director of Funds in the Office of the Account General of the Federation, Alhaji Babayo Shehu, who attended that meeting that funds in the ECA now stand at $6.9billion.
In spite of this, we see nothing to cheer with his disclosure given that the same account, which had accumulated up to $20billion early in 2007, was drawn down to a paltry $300million by the end of 2010……………………………………….Full Article: Source

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