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Business Nigeria: Finance Minister, Adeosun Reveals Account Balance of Excess Crude Account

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The Minister of Finance, Mrs Kemi Adeosun, on Thursday during the Federation Accounts Allocation Committee (FAAC) meeting said that the Excess Crude Account stood at 3.03 billion dollars as at August 25, 2016.

Adesoun, was represented by the Permanent Secretary, Mr Mahmoud Isa-Dutse, explained that the main cause of the decline in revenue was mainly attributable to the reduction in the quantity of petroleum sold due to the activities of vandals in the Niger Delta.

Adeosun also said that Lagos state had not started receiving the 13 per cent derivation from the sale of crude oil when analysis How FG, States, LGs Shared Allocation For July 2016.

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Finance Minister, Adeosun Reveals Excess Crude Account Balance For June
 
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