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

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).

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.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

NCC begins review of telecoms license structure

FG remains committed to lifting Nigerians out of poverty

Africa's COVID-19 cases exceed 5 million, says WHO

Uzodimma introduces Insurance policy for police officers in Imo

NPHCDA says Nigeria will get 3.92 million COVID-19 vaccine doses soon

Imo govt set to rehabilitate abandoned shoe factory

Dangote Foundation disburses N200m to empower 20,000 women in Bauchi

Gov Sanwo-Olu inaugurates Yaba Bus Terminal

EFCC has $20 million in its cryptocurrency wallet