29 January 2013

Nigeria: Excess Crude Account - Jonathan Approves U.S.$1 Billion to States

In what may appear to be an attempt to placate governors, who had been at daggers-drawn point with the Presidency, President Goodluck Jonathan Tuesday approved the distribution of U.S.$1billion from the Excess Crude Account (ECA) among the 36 States and the Federal Capital Territory (FCT).

This was one of the outcome of the first 2013 edition of the National Economic Council (NEC) presided over by Vice President Namadi Sambo Tuesday.

Chairman of the Nigerian Governors Forum (NGF) Rotimi Amaechi, who is also the governor of Rivers State, told State House corrrespondents that the fund was released in order to enable them embark populists projects that are in tandem with the incumbent administration's Transformation Agenda.

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