Tag: Excess Crude Account
-
Reps ask CBN to explain transactions on Excess Crude Account
The House of Representatives has urged the Central Bank of Nigeria (CBN) to reveal without delay, all the interests and principal sums on the investments in the Excess Crude Account (ECA) Petroleum Profits (PTT) and Royalty Account to the Auditor-General for the Federation’s Office.
-
Insecurity: Governors support withdrawal of funds from ECA to buy more equipment for military, others
The Nigeria Governors’ Forum (NGF) on Wednesday said it is in support of dedication of some portions of the Excess Crude Account (ECA) and the Natural Resource Development Fund or the Economic Stablisation Fund to providing the necessary equipment for the military and other security agencies to tackle crime. TheNewsGuru.com, TNG reports that as at…
-
Nigeria left with just $323.7m balance in Excess Crude Account – FAAC
The Federation Account Allocation Committee (FAAC) has disclosed that the current balance in Nigeria’s Excess Crude Account (ECA) stands at $323.692 million as of Thursday, October 17, 2019. The ECA, which was created by former President Olusegun Obasanjo in 2004 for the purpose of saving oil revenue in excess of the budgeted benchmark, had once…
-
NEC reconstitutes committee to reconcile Excess Crude Account, others
The National Economic Council on Thursday in Abuja reconstituted an Ad-hoc Committee to reconcile the Excess Crude Account, Nigerian National Petroleum Corporation’s remittance and related issues. Gov. Ahmadu Fintri of Adamawa announced this when he briefed State House correspondents alongside Governors Rotimi Akeredolu of Ondo and Willie Obiano of Anambra at the end of the…
-
$1bn ECA withdrawal: Wike charges FG to pay oil-producing States 13% derivation
Rivers State Governor, Nyesom Ezenwo Wike has stated that oil-producing states should be paid 13 per cent derivation of the $1 billion withdrawn from the Excess Crude Account (ECA) by the Federal Government to fight insurgency. Speaking on Sunday at the Government House Port Harcourt during the presentation of the Leadership Newspaper Governor of the…
-
Nigeria has $2.3bn in Excess Crude Account – Ganduje
Governor Abdullahi Ganduje of Kano State on Thursday affirmed that as at Monday, January 15, 2018, Nigeria has a balance of $2.3bn in its Excess Crude Account (ECA). Ganduje said this when he briefed newsmen in Abuja on the outcome of the National Economic Council (NEC) meeting on Thursday. He said Minister of Finance, Mrs…
-
Reps uncover $15bn unremitted oil, gas revenue
House of Representatives Ad hoc Committee investigating allegedly missing 17 billion dollars crude oil and Liquified Natural Gas revenue, on Monday uncovered 15 billion dollars unremitted revenue into Federation Account. The trace of the alleged missing fund believed to have been stolen and diverted to a foreign destination, was contained in the two documents submitted…