The balance of the Excess Crude Account (ECA) has dropped to $71.81 million from $324.968 million between January and February, 2020, indicating a $253 million drop.
Read Also: Man Divorces Wife For Advising Women On How To Kill Cheating Husbands
The drop was shown by a report released by the Office of the Accountant-General of the Federation on Wednesday.
Nigeria had been ranked second worst in the world, behind Qatar, in the use of sovereign wealth funds by a report released by the International Monetary Fund in April, 2019.
Read Also: University Student Who Went Missing On Valentine’s Day Found Dead
The ECA was set up by former president, Olusegun Obasanjo, in 2004 for saving revenue realised from crude oil sales above the budgeted benchmark price.
Discussion about this post