The Minister of State for Finance, Ambassador Bashir Yuguda, has revealed that the sum of $1 billion is missing from the Excess Crude Account (ECA).
This report was said to have startled the Commissioners of Finance Forum Chairman, who pledged ignorant of this fact, and stated that this particular issue shall be given great discussion in the meeting which the FAAC shall be having come next month of January, 2015.
According to the statement of Bashir Yuguda, the amount remaining in the Excess Crude Account, (ECA) is just $3.1 billion , and considering the austerity measure that the nation is saddled with at this point, it was stated earlier by the Minister of Finance and Coordinating Minister of Economy, that part of the Excess Crude funds shall be withdrawn around January 2015 by the Federal Government to be injected into the economy.
And at this point, with the recent development, it is not very clear whether the FG has begun tampering with the ECA, because of the crumbling economy of the nation following the sharp fall of crude oil price in the world market.
It is expected that come January 2015, when the FAAC shall meet to discuss this puzzle, then it shall be made clear as to what happened to the said funds.
No comments:
Post a Comment