The National Economic Council (NEC) has raised alarm over the dwindling Excess Crude Account (ECA) occasioned by the drop in oil price.
Addressing State House correspondents after the monthly NEC meeting in Abuja, the Deputy Governor of Lagos State, Mrs Adejoke Adefulure, said the Minister of State for Finance, Alhaji Bashir Yuguda, briefed the council on the state of the nation’s excess crude account.
The meeting was presided over by Vice-President Namadi Sambo.
The National Economic Council (NEC) has raised alarm over the dwindling Excess Crude Account (ECA) occasioned by the drop in oil price.
Addressing State House correspondents after the monthly NEC meeting in Abuja, the Deputy Governor of Lagos State, Mrs Adejoke Adefulure, said the Minister of State for Finance, Alhaji Bashir Yuguda, briefed the council on the state of the nation’s excess crude account.
The meeting was presided over by Vice-President Namadi Sambo.
She said Yuguda, who represented the Minister of Finance, Ngozi Okonjo-Iweala, informed the meeting that the excess crude account stood at 4.1 billon dollars.
“The Minister of State for Finance, who represented the Minister of Finance, reported to Council that the excess crude account stands at 4.1 billon dollars.
“The Minister stated that the drop in oil price is affecting the inflow of money in to the excess crude account but the Federal Government is trying hard to stabilize the currency.
“The Accountant General will circulate details of the account to Member.“
She announced that the council approved the need for the Inspector General of Police to enforce the directives for the dismantling of road blocks for revenue collection on the highways across the Federation.
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