1 Billion Dollars Missing From Excess Crude Account

         


The Federal Account Allocation Committee FAAC meeting ended in confusion on Tuesday night in Abuja due to the inability to account for 1 billion dollars disappearance from the Excess crude Account

The FAAC meeting consist of all  State Commissioner of Finance,Federal Finance Ministry  and the Accountant General of the Federation.


The Excess Crude Account prior to the meeting stood  at 4.11 billion dollars according to the the Finance Minister Ngozi Okonjo Iweala, at the end of the meeting the Minister of State for Finance Bashir Juguda told reporters that the current saving in the ECA is 3.1 billion dollars raising questions

The Chairman of the States commissioner for Finance Timothy Odaah, on Tuesday night told reporters that no State know how the 1 billion dollars difference reported in the Account came about,he said this raise of how transparent the body managing the Excess Crude Account is.

The  36 states has turn attention to the Excess crude account due to dwindling global oil prices,the ECA has fallen from 40 billion dollars to 4 billions from 2007 to 2014
Mr Odaah  further stated that the difference is noted for next FAAC meeting.

How The Account dropped from 4.1 billion to 3.1 billion dollars is totally strange to all State  he said
The FG ,States, LG shared  N628,775 billion at the end of the Meeting