FG shrinks Excess Crude Acct to $631m, withdraws $1.6bn in 3 weeks

- The balance in the Excess Crude Account has dropped from $2.319bn to $631m

- The $1.68bn withdrawn from the account was reportedly used by the federal government to settle the last tranche of the Paris Club Refund

The amount in the Excess Crude Account (ECA) has reportedly declined by about $1.68bn between November 25 and December 19, 2018, according to statistics obtained from the Federation Account Allocation Committee.

The balance in the ECA was $2.319bn as of November 25 but at the FAAC committee meeting held on Wednesday, December 19, the balance, according to the Permanent Secretary in ministry, Mahmoud Dutse, had dropped to $631m.

The Punch reports that Dutse, who briefed journalists shortly after the meeting, said withdrawals were made by the federal government from the ECA to settle the last tranche of the Paris Club Refund.

He said: “The balance in the ECA is $631m. The final payment for the Paris Club Refund to states was made and the figure was deducted and that’s what accounts for the difference.

“A decision was taken to make this refund and part of that decision is that the refund should be funded from the ECA. Federal Executive Council, the President approved the money.”

The Accountant-General of the Federation, Alhaji Ahmed Idris, when questioned about the withdrawal said due process was taken before the withdrawal of the money.

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Meanwhile, Legit.ng earlier reported that the federal government has called on state governments to reduce unnecessary overhead costs, increase Internally Generated Revenue (IGR) and embrace fiscal discipline for proper management of available resources.

The minister of finance, Zainab Ahmed, made the call on Monday, November 26, in Kaduna at the 2018 Conference of the National Council on Finance and Economic Development (NACOFED).

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