Excess Crude Account Now At $2.207billion, Despite Falling Oil Prices

imageThe National Economic Council (NEC) has been told by the Permanent Secretary, Ministry of Finance, that the Excess Crude Account (ECA) now stands at $2.207 billion as at August 2015.

The latest figure presented before NEC shows that there has been N200,000,000 (two hundred million naira) increase since the new government came into power in May 29.

It would be recalled that the former Minister of Finance, Ngozi Okonjo-Iweala noted that the ECA stood at $2.07 billion as at May 2015.

At the sitting on Thursday, NEC also stated that 11 out of the 22 states which met the criteria for the issuance of Federal Government Bond as part of their loan recovery efforts were cleared to access the bond.

This was the highpoint of the review of the economic activities in the country by the NEC which was presided over by Vice President Yemi Osinbajo at the State House.

Governors Willie Obiano (Anambra), Abdulfatah Ahmed (Kwara), Ibikunle Amosun (Ogun) and Abubakar Badaru (Jigawa) briefed State House correspondents on the outcome of the meeting.

“As at Aug. 14, 2015 out of the 22 states that have applied FGN bonds have been issued in respect of the loan of 11 states.

“The bonds were issued to 14 banks after submitting the reconciled figures and other required documents for the restructuring.”

According to them, the DMO is reviewing additional submissions by states which will form the second phase of the programme.

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