It also said it would soon increase the releases to N1.1 trillion before the end of the year. Minister of Finance, Mrs. Zainab Shamsuna Ahmed, who disclosed this during the 2019 budget breakdown in Abuja, said the N820.57 billion represents 43 per cent of the MDA capital.
The minister also explained the reason for the depletion of the Excess Crude Account (ECA) from $2.319 billion as at last month to $631 billion this month, saying that about $1 billion was withdrawn for security purposes.
Similarly, she said about N50 billion was refunded on Wednesday into the account. "The excess crude account was refunded yesterday (Wednesday) and we had sent another N50 billion savings into the excess crude account. Recall that NEC had authorised the use of $1 billion from the excess crude account for security. So, the performance of that instruction is what has produced what we have in the excess crude account. "So, it's been largely depleted but we are still saving to it and this is the third month that we have been saving consistently into the excess crude oil account," she added.
(Guardian)
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