Excess Crude Account
Bayelsa accuses FG of manipulating Excess Crude Account
The Bayelsa Government has attributed the dwindling finances in the states to the alleged manipulation of the Excess Crude Account (ECA) by the Federal Government. Deputy Governor Gboribigha John Jonah, who disclosed this yesterday at the monthly transparency briefing in Government House, Yenagoa, argued that the parameters employed in the distribution of the funds were…
Rejection of Ajaokuta Completion Fund Bill
A recent report that the President had rejected a strange bill containing special fund to complete a notorious money gulper called Ajaokuta Steel project should not be twisted as a bad idea. It is good for the over-all health of the economy at this time. At a sitting of the Upper Chamber, the Senate President…
Excess crude account depletes amid oil price volatility
Programme Coordinator of the Nigeria Natural Resource Charter (NNRC), Tengi George-Ikoli, has expressed fears that the dip in oil prices could send the country back to recession going by the depletion of the Excess Crude Account (ECA). Recalling the calls for transparency and accountability on the running of the account, she, however, noted that the…
Depletion of Excess Crude Account fraudulent, says PDP
The Peoples Democratic Party (PDP) yesterday described revelation of furtive depletion of $1.68 billion from the Excess Crude Account (ECA) as a fraud...
FAAC: Federation revenue declined by N107bn in July
Federal, states and local governments on Thursday shared N714.8 billion revenue generated in July, the News Agency of Nigeria (NAN) reports. The figure indicated a decline of N107.1 billion when compared to what was generated in June. The Minister of Finance, Mrs Kemi Adeosun, while briefing newsmen in Abuja on the outcome of the monthly…
Experts want ECA, 0.5% stabilisation fund brought under SWF
Financial experts have urged the Federal Government to collapse Excess Crude Account (ECA) and 0.5 per cent of Stabilisation Fund into Sovereign Wealth Fund (SWF). They made the call yesterday at a roundtable discussions on savings and stabilisation mechanism for Nigeria, organised by Shehu Yar’Adua Foundation and Nigeria Natural Resource Charter, in Abuja. According to…
Experts decry depletion of excess crude account
Experts have expressed dissatisfaction over the depletion of Excess Crude Account (ECA), saying, a net expected balance of $84.58 billion was estimated at December 2017, but government declared $2.32 billion.
Politics of $1 billion ECA fund release and Nigeria’s lopsided structure
The controversy over the proposed release of $1 billion dollars from the Excess Crude Account (ECA) to fight insecurity in the country has further exposed the imbalance in the Nigerian federation.
Senate rejects probing excess crude account, seeks abolition
The Senate has thrown out a motion seeking a thorough investigation into alleged abuse of the Excess Crude Account (ECA) from 2004 to date.
Golu: Passage of 2018 budget in December impossible
Chairman, House of Representatives’ Committee on Legislative Budget and Research, Timothy Golu, in this interview with ADAMU ABUH, ruled out the possibility of passing the 2018 budget by December this year.
2017 Budget: $42 crude oil benchmark will create room for savings in ECA -Commission
The Fiscal Responsibility Commission (FRC) stated on Tuesday that leaving the crude oil benchmark at 42 dollars per barrel as contained in the 2017 appropriation bill would have made room for savings in the Excess Crude Account (ECA).