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Why we withdrew N1 trillion from Excess Crude Oil account – Minister of Finance
The Minister of Finance, Zainab Ahmed, has said the withdrawal of over N1 trillion from the Excess Crude Account (ECA) was for security operations in the North-East.
Ahmed noted this on during the week in Abuja at the public presentation of the 2019 budget.
She added that even though the Excess Crude Account has been greatly depleted, the Federal Government is still saving more.
“Recall that the NEC (National Economic Council) had authorized the use of $1bn from the Excess Crude Account for security,” the minister added.
“So, the performance of that instruction is what has produced what we have in the Excess Crude Account.
“So, it’s been largely depleted but we are still saving into it and this is the third month that we have been saving consistently into the Excess Crude Account
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