Excess Crude Account
Aside the pomp and pageantry (a yearly ritual) that attended the signing into law of the Federal Government 2023 Budget, there is very little to cheer Nigerians who are conversant with the enormity of economic problems currently afflicting the country...
The Federation Account Allocation Committee (FAAC) has distributed N760.235 billion to the three tiers of government for September.
Wasteful culture, poor management, corruption, lack of trust between state and federal governments, and worsening fiscal outlook may have played key roles in the depletion of the over $22 billion left in the Excess Crude Account (ECA) some 12 years ago.
27 May 2022
The Federation Account Allocation Committee (FAAC) has shared N656.602 billion to the three tiers of government, being allotment for April 2022.
9 Nov 2021
The 2011 election violence was a seed sown for a fragile and unfriendly investment climate which manifested itself in the run-up to the 2015 elections, four years later in which the safety of investments and capital mobility were threatened.
19 Feb 2021
Rivers State governor Friday said the Nigerian Governors Forum (NGF) endorsement of fresh withdrawal of fund by the federal government from the Excess Crude Account will be contested in court. "What happened to the $1 billion withdrawn from Excess Crude Account in 2017 on the stance that it will be used to fund the fight…
12 Aug 2020
PresidentMuhammadu Buhari and state governors have enjoined field commanders to take measures to effectively protect civilian communities as a confidence-building...
26 Feb 2020
Last week, Nigeria Natural Resource Charter (NNRC) in its Benchmark Exercise Report (BER) revealed that Nigeria has made N83 trillion from oil and gas in the last 37 years.
29 May 2019
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…
12 Apr 2019
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…
8 Apr 2019
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…
21 Dec 2018
The Peoples Democratic Party (PDP) yesterday described revelation of furtive depletion of $1.68 billion from the Excess Crude Account (ECA) as a fraud...