States to get $1b from Excess Crude Account

To facilitate execution of more people-oriented projects in line with the administration’s Transformation Agenda, the President Goodluck Jonathan, has approved $1billion from the Excess Crude Account to be shared among the 36 states and the Federal Capital Territory (FCT).
Chairman of Nigeria Governors’ Forum and Rivers State Governor, Rotimi Amaechi, made this known yesterday while speaking with State House correspondents at the end of the 45th National Economic Council (NEC) meeting. He said the President’s approval was conveyed by the Minister of State for Finance, Dr. Yerima Ngama, while briefing the CouncilPresided over by Vice-President Namadi Sambo. Ngama said the Excess Crude Account has a balance of $9.242 billion after $1billion was spent on subsidy payments.

http://thenationonlineng.net/new/news/states-to-get-1b-from-excess-crude-account-2/

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