Between 2015 and 2019, the Federal Government withdrew N1.5tn from the Excess Crude Account, statistics obtained from the Ministry of Finance have revealed.
The ECA, which was created by former President Olusegun Obasanjo in 2004 for the purpose of saving oil revenue in excess of the budgeted benchmark, rose from $5.1bn in 2005 to more than $20bn in November 2008.
The Federal Government gave approval for the withdrawal of N458.14bn in the 2015 fiscal period from the ECA. Based on an analysis of the figures from the Budget Office, the sum of $1.76bn was withdrawn in the fourth quarter of 2018 by the government for the Paris Club refund to state governments.Further analysis of the figures showed that the sum of $496.37m was approved by the President, Major General Muhammed Buhari , and withdrawn for the purchase of Super Tucano Aircraft.Similarly, the President also gave approval that the sum of $380.
In its latest Nigeria Economic Update, the World Bank had warned that a ‘moderate’ decline in oil price could trigger another recession, noting that the exhaustion of the ECA had made the country more vulnerable.
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