NAN
The National Economic Council (NEC) says Nigeria’s Excess Crude Account stood at over 2.09 billion dollars as at Oct. 16.
Bauchi State Governor, Mohammed Abubakar, said this while briefing State House correspondents after NEC meeting on Thursday at the Presidential Villa, Abuja.
Abubakar said that the Minister of Finance, Zainab Ahmed, gave the update on the Federation Account Allocation Committee (FAAC), Excess Crude Account, Stablisation Fund Account and Natural Resources Development Account.
“She presented a budget estimate for the FAAC meetings of 2018; usually these budgets estimates are prepared by the Office of Accountant General and tabled before the NEC for approval.
“A total budget of N650 million was approved for the conduct of the FAAC meetings for 2018, later on the minister gave update of the Excess Crude Account as at Oct. 16, 2018 which stood at 2.09 billion dollars.
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