Excess Crude Account Rises To $3.45bn

Following last week’s meeting of the Federation Allocation Accounts Committee (FAAC), the Excess Crude Account (ECA) has increased by $1.34 billion.

This is as the Consumer Price Index (CPI) which measures inflation, in February moderated to 7.7 per cent year-on-year from 8.0 per cent the previous month.

According to the National Bureau of Statistics (NBS), the moderation in year-on-year rates in February was as a result of higher year-on-year changes exhibited in February 2013.

The federal ministry of finance made this known yesterday in a statement by the special adviser to Mrs Okonjo-Iweala, Paul Nwabuikwu.

According to him, this brings the total savings in the ECA to $3.45 billion. Before the latest development, there was $2.11 billion in the account.In percentage terms, this represents an increase of about 63.5 per cent. Read more

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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