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.
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.
The former minister has however denied the allegations.
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