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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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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