In seven years, the Federal Government withdrew the sum of N6.48tn from the Excess Crude Account meant for the ‘rainy day’. However, within the same period, only N4.7tn was transferred into the acc...
In seven years, the Federal Government withdrew the sum of N6.48tn from the Excess Crude Account meant for the ‘rainy day’. However, within the same period, only N4.7tn was transferred into the account; IFEANYI ONUBA reports
An analysis of the account showed that while N6.48tn was the total outflows from the ECA in seven years, the government was able to transfer N4.73tn into the account in six years. Out of this N1.99tn, about N1.08tn was withdrawn to augment revenue shortfall to the three tiers of government, while N505bn and N405.63bn were used for fuel subsidy payment and special intervention fund, respectively.
The Federal Government withdrew the sum of $2.87bn from the Excess Crude Account in the 2018 fiscal year, documents obtained from the Budget Office of the Federation revealed. In terms of inflows, the ECA recorded deposit of N2.31tn in 2012, N855.41bn in 2013, N796.7bn in 2014, N48.94bn in 2015, N242.72bn in 2016, N151.54bn in 2017 and $1.08bn or N329.4bn in 2018.
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