Oil price slump affecting excess crude account–FG

The Federal Government has raised the alarm that the fall in oil prices is affecting the inflow of money in to the excess crude account. The Minister of State for Finance, Ambassador Bashir Yuguda, said this today at the National Economic Council (NEC) meeting chaired by Vice President Mohammed Namadi Sambo. Yuguda, who represented the […]

The Federal Government has raised the alarm that the fall in oil prices is affecting the inflow of money in to the excess crude account.

The Minister of State for Finance, Ambassador Bashir Yuguda, said this today at the National Economic Council (NEC) meeting chaired by Vice President Mohammed Namadi Sambo.

Yuguda, who represented the Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, said the Federal Government was trying hard to stabilise the currency.

The deputy governor of Lagos State, Victoria Adejoke Orelope-Adefulire, who briefed State House journalists on the outcome of the NEC meeting, quoted Yuguda as telling the council that the excess crude account stood at $4.1 billion.

Adefulire said the minister also told the council that the Accountant-General would circulate details of the account to members.

In another development, the NEC received a presentation on Integrated Test Treat and Larval Source Management (ITTL) Project for Malaria Elimination in Nigeria, by its ad-hoc committee mandated to develop the implementation strategy and plan with an accountability frame work for the Integrated Test Treat and Larval Source Management.

The council noted that Nigerians were in total support of eliminating malaria totally and promised to report to President Goodluck Jonathan, the challenges of funding the ITTL by states.