The Federal Government and Nigeria’s 36 states are reportedly set to share $1.7billion out of the funds left in the Excess Crude Account (ECA).
FG, states to share N391bn
After the distribution, only about $.3billion will be left in the account which was created to contain savings for leaner financial times.
President Muhammadu Buhari meets with Nigeria's 36 governors
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![Governor Bassey Otu [CrossRiverWatch]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Governor Bassey Otu [CrossRiverWatch]")
The parties involved decided to share the funds after some governors who have been unable to pay their workers’ salaries approached President Muhammadu Buhari for a possible bailout.
The Nigerian Governors’ Forum (NGF) had earlier accused former Finance Minister, Ngozi Okonjo-Iweala of depleting the ECA.
Edo State governor, Adams Oshiomhole stated further that Okonjo-Iweala had spent $2.1bn from the account without approval.
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The former minister has however denied the allegations.
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