Nigerian govt withdraws $35.6m from excess crude account, $376,655 remain in savings buffer

The Federal Government has again depleted the country’s Excess Crude Account (ECA) after withdrawing $35.377 million in May this year.

With this development, only $376,655.09 is left in the ECA, a savings buffer meant to steady the government’s revenue and serve as a bailout for the economy in dire times.

The Director in charge of Information in the Office of the Accountant General of the Federation (OAGF), Henshaw Ogubike, disclosed this in a communique issued at the end of the monthly Federation Account Allocation Committee (FAAC) meeting on Tuesday in Abuja.

READ ALSO: Nigeria’s Excess Crude Account depleted as govt withdraws $25m in three month

The communique revealed that a total of N1.012 trillion was realised as revenue last month, but only N802. 407 billion was shared after some deductions.

It added that N26.117 billion was withdrawn from the ECA as “Derivation Refund.”

Another N280 billion was withdrawn from the account as “savings and refund of 20 percent of the amount due to states withdrawing from the ECA from 2009-2015.

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