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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Excess Crude Account: States face looming cash crunch

Posted on 18 May 2010

From Punchng.com: There are indications that a number of states are facing a looming cash crunch, following dwindling monthly allocations from the Federation Account, an online financial intelligence website, economicconfidential.com, reports.
The report said that the cash crunch was due to dwindling revenue from oil, reckless spending by some state governments and arbitrary deductions to pay for the Joint Venture Cash Calls. The website learnt that only Lagos, Kano and Rivers states might survive the looming crunch, unless President Goodluck Jonathan approves the release of more funds from the Excess Crude Account; to beef-up the monthly allocations from the Federation Account………………………………………Full Article: Source


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