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Sovereign Wealth Funds Briefing - Categorized | Performance

Muhtar: Nigeria’s Excess Crude Account, fast depleting

Posted on 27 May 2009

From Thisdayonline.com: The Excess Crude Account, Nigeria’s local reserve for the rainy day, may be exhausted in the next two years if the Federal Government, 36 States and the Federal Capital Territory (FCT) continue to fall back on it to augment the nation’s dwindling oil revenue.
The nation’s dwindling fortunes are the result of the global economic meltdown, the shortfalls in the non-oil revenue sector, massive shut down of oil production as a result of the Niger Delta crisis as well as the production limitations of the Organisation of Petroleum Exporting Countries (OPEC)…….Full Article: Source


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