Economy
Excess crude account proceeds stands at $2.459bn —Adeosun
Minister of Finance Mrs Kemi Adeosun has said that the balance in the Excess Crude Account (ECA) as at 15th March, 2017 stood at $2,459,864,724.59, recording a marginal increase. She said however that the ECA balance does not reflect as yet the decision of Council in February to deduct $250 million for injection into the Sovereign Wealth Fund.
She disclosed that the federal government has set up a Stabilisation Fund Account (SFA), which is an account equivalent to 0.5 per cent of the Federation Account allocated and paid into a fund to be designated (Stabilization Account) from where any State of the Federation that suffers absolute decline in its revenue arising from factors outside its control, shall tap in, to augment the allocation to that State.
The Minister said that the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) recently approved for disbursement (N39,613,282,870.69) to a number of States.
She further said that the balance in the SF now stands at N25,793,400,290.00
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