$1b Eccess Crude Account | Business Post Nigeria

By Dipo Olowookere Governors of the 36 states of the federation have given Federal Governor the approval to withdraw $1 billion from the Excess Crude Account (ECA). The money, according to the Governors, is expected to be used for the anti-terrorism campaign of the FG in the country. The decision to allow the Federal Government to use the fund was reached at the 83rd meeting of the National Economic Council (NEC) held in Abuja on Thursday. The meeting was presided over by the Vice President, Mr Yemi Osinbajo, in the absence of President Muhammadu Buhari, who travelled to France for the One Planet Summit. Governor Godwin Obaseki of Edo State, who told newsmen about the development, disclosed that the approval was announced by Chairman of Nigeria Governors Forum (NGF), Mr Abdulaziz Yari of Zamfara State. The $1 billion would be taken from the account, which had a balance of $2.317 billion as at December 13, 2017. It would specifically be used by the Federal Government for the ongoing fight against Boko Haram insurgents in the north-eastern part of the country.

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