The
federal government has communicated details of the Excess Crude Account to the
general public for the purpose of transparency and accountability.
Finance
Minister Kemi Adeosun yesterday told the National Economic Council that the
balance in the Excess Crude Account stood at $2.259 billion as of April 30,
2016.
The
minister put the interest accrued on the account at $429,903.55 “for the month
of April 2016 experiencing a little drop in interest”.
She
also presented to the council, the Fiscal Sustainability Plan and Fiscal
Framework for Sub-National Governments in Nigeria which include strategic
objectives and recommended action points.
Edo
State Governor, Adams Oshiomhole told the council that the ad-hoc committee on
the management of the Excess Crude Account and payment into the federation
account endorsed the forensic auditors firms as earlier proposed by the finance
minister to audit the ECA.
Kogi
State Governor Yahaya Bello said the Central Bank of Nigeria Governor told the
council that 30 states had so far received bail-out funds as of May 18 2016;
while 35 had applied for the Excess Crude Account-backed loans.
Source: DailyTrust
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