The Federal Government says it will use revenue accrued in the Excess Crude Account, ECA to improve the funding of the Nigeria Sovereign Investment Authority, NSIA.
The Minister of Finance Zainab Ahmed said this on the sidelines of the G-20 Finance Ministers and Central Bank Governor’s meeting at the IMF/World Bank meetings in Washington DC.
She however said the cooperation of the state governments was critical in actualising Federal Government’s plan to increase funding to the NSIA.
Zainab also said that the Excess Crude Account was run in an open and transparent manner.
Excess Crude Account is a special account established to warehouse excess revenues from the prevailing crude oil price at the international market.
The Head of the IMF African Department Abebe Selassie, had earlier said that the Nigerian Excess Crude Account was one of the worst managed Sovereign Wealth Fund in the world.