15 February 2018

Nigeria: NEC Receives Briefing On Excess Crude Account, Others From AGF

Photo: This Day
Fuel scarcity.

The members of the National Economic Council, NEC, comprising the 36 governors and some ministers were on Thursday briefed by the Accountant General of the Federation, Ahmed Idris, on the balance of the various federation accounts.

Mr. Ahmed told the council that the Excess Crude Account, ECA, as at February, 14, 2018 stands at $2.3 trillion ($2,317,252,449.57).

He also said that the balance in the Stabilisation Fund Account as at the same (day) stands at N11.3 trillion (N11,290,664,060.06).

A document made available to journalists after the meeting also showed that as at February 14, 2018, " the balance in the Natural Resources Development Fund stands at N123,624,644,411.24".

The Accountant General also gave an update on the budget support loan facility being provided to the states by the federal government. The facility is meant to augment the shortfall in Federation Account allocation to the states.

Mr. Ahmed told NEC that 23 states have so far accessed the loan and that out of the 23, only eleven states received in January 2018, while the remaining twelve will soon receive their own.

The federal government had earlier asked the states to comply with some conditions before accessing the loans.

Mr. Ahmed said five out of the remaining thirteen states have now complied with the Fiscal Sustainability Plan and will be considered.

"The eight outstanding states are under consideration under the 22 point requirements of the Fiscal Sustainability Plan," he said.

He also said N16.1 billion has been disbursed to the states as at January 2018.

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