Federal govt., states to share N391billion from Excess Crude Account

The federal government and the 36 states have agreed to share $1.7billion of the $2billion balance in the Excess Crude Account.

After the amount, which is about N391billion, is shared, there will be just about $.3billion remaining in the account which was created to help the two tiers of government save for raining days.

The Edo state governor, Adams Oshiomole, had told journalists after the National Economic Council (NEC) meeting, last week Tuesday, that following a spate of curious withdrawals from the account by the last administration, only $2billion was left in the account.

President Muhammadu Buhari had recently raised a committee to explore the possibility of sharing revenue from the account after state governments, some of which are owing months of salaries to their workers, approached him for bailout.

More to come…