The Nigerian government withdraws $35.6 million from the surplus crude account, leaving $376,655 in the savings buffer.
After taking $35.377 million from the country’s Excess Crude Account (ECA) in May of this year, the Federal Government has drained the account once more.
With this event, the ECA, a savings buffer created to stabilize the government’s revenue and serve as a rescue for the economy in difficult times, now has just $376,655.09 remaining.
Henshaw Ogubike, Director in Charge of Information in the Office of the Accountant General of the Federation (OAGF), announced this in a communiqué published at the conclusion of the monthly Federation Account Allocation Committee (FAAC) meeting on Tuesday in Abuja.
According to the statement, a total of N1.012 trillion in income was realized last month, but only N802. 407 billion was distributed after various deductions.
It went on to say that N26.117 billion was taken out of the ECA as a “Derivation Refund.”
Another N280 billion was taken out of the account as “savings and return of 20% of the sum owed to states withdrawing from the ECA between 2009 and 2015.”