Uncategorized
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 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%.
According to the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, the rise in the ECA signals the Federal Government’s commitment to rebuilding the country’s fiscal buffers by increasing the savings in the ECA and strengthening the foreign reserves.
Paul C Nwabuikwu
Special Adviser to the Coordinating Minister for the Economy and Minister of Finance
-
Oil and Gas1 day agoNUPRC vows not to approve divestments that doesn’t meet considerations
-
Oil and Gas1 day agoIran eases Strait of Hormuz transit rules amid oil shock
-
Finance1 day agoCardoso seeks collaboration to check cross‑border financial risks
-
Oil and Gas1 day agoCourt orders forfeiture of $13m linked to Aisha Achimugu’s firm
-
Oil and Gas1 day agoOil falls as reports of 15-point proposal spurs ceasefire hopes
-
Economy1 day agoNigeria to launch trade platform at ports as part of reform push
-
Finance1 day agoCourt nullifies CBN’s regulatory intervention in Union Bank in 2024, rules it acted beyond its powers