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Sovereign Wealth Funds Briefing - Categorized | Financials

‘Distribution of ECA funds violates provisions’

Posted on 11 November 2014

The distribution of Excess Crude Account (ECA) savings among the three tiers of government has been described as a violation of the provisions establishing it. ECA, which came into force in 2007, by the signing of a Memorandum of Understanding (MoU) between the Federal Government and the states, prominently featured a clause the prohibited access to the fund until it is in excess of a certain amount.
The Acting Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, made the disclosure while presenting his paper titled “Fiscal Responsibility and Declining Oil Prices”, at the Fiscal Governance Forum in Abuja, Monday………………………………………..Full Article: Source


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