Nigeria’s Excess Crude Account hits $2.09


Nigeria’s Excess Crude Account hit $2.09 billion as at Oct. 16, the National Economic Council (NEC) has said.

Bauchi State Governor, Mohammed Abubakar, told newsmen after the NEC meeting in Abuja that the minister of Finance made the announcement while presenting updates on the Excess Crude Account, Stablisation Fund Account and Natural Resources Development Account.

“She presented a budget estimate for the FAAC meetings of 2018; usually these budgets estimates are prepared by the Office of Accountant General and tabled before the NEC for approval,” he said.

“A total budget of N650 million was approved for the conduct of the FAAC meetings for 2018, later on the minister gave update of the Excess Crude Account as at Oct. 16, 2018 which stood at 2.09 billion dollars,” Abubakar added.

According to him, the Stablisation Fund Account stands at N21.9 billion and the Natural Resources Development Fund stands at N119. 7 billion.’’

He said that there was also an update on the ad hoc committee set up by NEC to address the problem of crude oil theft and its prevention and control.

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