Excess Crude Account: Federal Government To Commit Fund To Improve NSIA - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
April 13, 2019
The Federal Government says it will use revenueaccrued in the Excess Crude Account, ECA to improve the funding of the NigeriaSovereign Investment Authority, NSIA.
The Minister of Finance Zainab Ahmed said this onthe sidelines of the G-20 Finance Ministers and Central Bank Governor’s meetingat the IMF/World Bank meetings in Washington DC.
She however said the cooperation of the stategovernments was critical in actualising Federal Government’s plan to increasefunding to the NSIA.
Zainab also said that the Excess Crude Account wasrun in an open and transparent manner.
Excess Crude Account is a special accountestablished to warehouse excess revenues from the prevailing crude oil price atthe international market.
The Head of the IMF African Department  Abebe Selassie, had earlier said that theNigerian Excess Crude Account was one of the worst managed Sovereign WealthFund in the world.