$2bn Excess Crude to be shared by FG and States
The National Economic Council on Thursday approved the sharing of between $1billion and $2billion from the Excess Crude Account among the three tiers of government.
The decision to share the money was taken at the 49th meeting of the council presided over by Vice President Namadi Sambo less than two months after the governments shared $1billion from the same account.
Governor Godswill Akpabio of Akwa Ibom State told State House correspondents at the end of the meeting that the money would be shared within the next two weeks.
Akpabio said the balance in the account currently stood at $7.82billion.
He said, “An update on the status of the Excess Crude Account was presented by the Minister of State for Finance, Alhaji Yerima Ngama, who showed that $7.82b was left in the account after the sharing of $1b by the three tiers of government earlier in the year and payment of fuel subsidy commitments.
“The Council was also briefed on the plan to share $1billion and $2billion within the next two weeks to facilitate various development projects being executed by the different tiers of government across the country.”