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Sovereign Wealth Funds Briefing - Categorized | Financials, Trends

FG’s profligacy continues, withdraws N250bln from excess crude account

Posted on 04 August 2011

Concerns over uncontrolled spending by the Federal Government, especially on areas like recurrent expenditure which add nothing to the growth and development of the economy, rose yesterday, after it emerged that so far this year, the government has taken out two hundred and fifty billion naira (N250 billion) from the Excess Crude Account.
The growing cases of misdirected spending by the Federal Government is magnified by disclosures that whereas the government has recorded a staggering 99 per cent in the disbursement of the recurrent vote for this year, performance in the area of capital expenditure is at a miserly 34 per cent by the end of the first half of 2011……………………………………….Full Article: Source


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