NIGERIA: Shared funds not from Excess Crude Account –Presidency

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The Presidency has denied reports that it is set to empty Nigeria’s Excess Crude Account (ECA) in order to fund a recently announced bailout for states to enable them pay salaries.

Presidential media aide, Femi Adesina made the clarification on Tuesday, July 7, 2015 while describing the report as incorrect.

Adesina stated that the ECA balance was intact and that the funds to be used for the bailout would be drawn from dividends paid to the Federation Account by the NLNG.

“The measures approved by President Buhari definitely do not include drawing down the remaining balance in the Excess Crude Account or the “liquidation” of the account as some media outlets have wrongly reported,” Adesina said.

“No such decision has been taken or approved by President Buhari, and last week’s meeting of the National Economic Council clearly concluded that the Excess Crude Account should be left untouched at this time,” he added.

“Last week’s meeting of the national economic council clearly concluded that the Excess Crude Account should be left untouched at this time,” Adesina said.

Buhari, on July 6, approved a three-pronged bailout package which will also include a debt relief programme designed by the Debt Management Office (DMO).

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