Excess crude account: NEC approves boost to $10 billion

Channels Television  
Updated June 25, 2012

The 5th National Economic Council (NEC) meeting has approved recommendations to boost the Excess Crude Account from $5.3 billion to $10 billion to provide a buffer for the economy for at least three months

The council gave the approval following a presentation by the Minister of Finance, Dr Ngozi Okonjo-Iweala on the implementation of the Sovereign Wealth Fund as well as the need to protect the economy from crisis council, recommended the need to boost the excess crude account from $5.3 billion to $10 billion to provide a buffer for the economy for at least three months.

Briefing state house correspondents at the end of the meeting the governor of Rivers State, Mr Rotimi Amaechi said that the council supports the plan by the presidency to appoint members of the SWF board of directors including the MD/CEO as well as the executive and non-executive directors, after a painstaking and credible recruitment process.

Also, the council has recommended that the federal government partner with the states to ensure that the various water, irrigation and dam projects are completed in a more beneficial and sustainable manner.

The NEC meeting chaired by the Vice-President, Architect Namadi Sambo gave the approval following the report of the inter-ministerial teams on the nationwide inspection of 111 water resources projects across the country.

The report noted that the projects which are at various stages of completion require about N191 billion for completion.