Business Nigeria: Excess Crude Account Reduced to $2.45bn

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Nigeria- The Minister of State for Finance, Bashir Yuguda, speaking at the end of the Federation Accounts Allocation Committee, FAAC, in Abuja on Friday announced that the balance in the excess crude account for December 2014 stood at about $2.45 billion.

According to Premium Times, transfer to the account as a result of foreign exchange gain dropped from N1.767 billion to about N665 million.

The Accountant General of the Federation, AGF, Jonah Otunla, said in a statement at the end of the meeting that the balance in the account dropped from about $3.11 billion to $2.45 billion in December.

The new balance in the account followed the withdrawal of the equivalent of N15.631 billion to augment the shortfall in allocation available for distribution to the three tiers of government for the month.

#Nigeria #ExcessCrudeAccount

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