Shared funds not from Excess Crude Account –Presidency

Presidential media aide, Femi Adesina made the clarification on Tuesday, July 7, 2015 while describing the report as incorrect.

 

The Presidency has denied reports that it is set to empty Nigeria’s Excess Crude Account (ECA) in order to fund a recently announced bailout for states to enable them pay salaries.

Presidential media aide, Femi Adesina made the clarification on Tuesday, July 7, 2015 while describing the report as incorrect.

Adesina stated that the ECA balance was intact and that the funds to be used for the bailout would be drawn from dividends paid to the Federation Account by the NLNG.

“The measures approved by President Buhari definitely do not include drawing down the remaining balance in the Excess Crude Account or the “liquidation” of the account as some media outlets have wrongly reported,” Adesina said.

“No such decision has been taken or approved by President Buhari, and last week’s meeting of the National Economic Council clearly concluded that the Excess Crude Account should be left untouched at this time,” he added.

“Last week’s meeting of the national economic council clearly concluded that the Excess Crude Account should be left untouched at this time,” Adesina said.

Buhari, on July 6, approved a three-pronged bailout package which will also include a debt relief programme designed by the Debt Management Office (DMO).

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

APC Chieftain says almost all party members are angry about Fani-Kayode’s defection

Police begin investigation into Enugu INEC office fire incident

Buhari approves incorporation of NNPC, appoints board members

APC foundation members in Enugu send 'SOS' message to Buhari

Have Nigerians become comfortable with the Twitter ban? [Pulse Contributor's Opinion]

Thugs set Enugu INEC office on fire

COVID-19: FG removes India from restricted countries’ list

Obadiah Mailafia, former deputy governor of CBN dies at 64

Orji Kalu commends Buhari over Southeast visit