In Three Weeks, Nigeria’s Excess Crude Account Drops From $2.319bn To $631m

Nigeria’s Excess Crude Account (ECA) has gone down from $2.319 billion to $631 million within three weeks, the country’s Ministry of Finance has said.

Mahmoud Dutse, who is Permanent Secretary at the Ministry of Finance, told newsmen on Wednesday that the Federal Government withdrew from the account to settle the last tranche of the Paris Club Refund.

He said when the FAAC committee meeting was held at November 25 to allocate revenue for that month, the balance in the ECA was put at $2.319 billion but on Wednesday, the balance had dropped to $631 million.

“The balance in the ECA is $631 million. The final payment for Paris club refund to states was made and the figure was deducted and that’s what account for the difference,” he Dutse.

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But the Accountant-General of the Federation, Ahmed Idris, said that due process was followed before the withdrawal was made.

“You can go and find out from the National Assembly if we got approval for it but due process was followed before the fund was released,” he said.
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