It has been revealed that the last portion of excess Paris Club debt deductions refunded to states was deducted from the excess crude account.
As a result, balance in the account by the end of November 2018 is $631 million from previous net balance position of $ 2. 319billion.
Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa Dutse gave the figures while addressing journalists at the end of Federation Account Allocation Committee (FAAC) meeting on Wednesday.
This shows a total of $1.68 billion withdrawals were made from the special account in the between last month’s FAAC meeting that held in Kaduna on November 25th, 2018 and last Wednesday this week.
ECA is a special account created to warehouse revenue above the budgeted oil benchmark.
Asked how ECA balance came down from a previous balance of $2. 319 billion to $631 million, Dutse said it was due to authorized withdrawals.
“The balance in the ECA is $631m. The final payment for Paris club refund to states was made and the figure was deducted and that’s what account for the difference.
“A decision was taken to make this refund and part of that decision is that , the refund should be funded from the ECA. Federal Executive Council, the president approved the money”, he said.
The position was corroborated by Accountant General of Federation Mr. Idris Ahmed who referred journalists to the National Assembly for confirmation.
“Go and ask the National Assembly whether we got approval”, he quipped.
AGAIN OH OH BUHARI U ARE AGOOD PRESIDENT OF NG