Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


NEC demands details of spending on Excess Crude Account

28 March 2014, 17:20

Abuja - The National Economic Council (NEC) has requested the Federal Government to give the details of the spending on Excess Crude Account (ECA) to the states.

Gov. Godswill Akpabio of Akwa Ibom made this known after the NEC meeting presided over by the Vice President Namadi Sambo at the State House.

NEC is the highest economic decision making body statutorily presided over by the vice president with all state governors, FCT Minister, Attorney-General of the Federation and some ministers as members.

Akpabio said the Minister of Finance, Dr Ngozi Okonjo-Iweala, told council that the fund in the ECA had risen to about $3.5 billion after payments of fuel subsidy and SURE-P.

The ECA is an account maintained by the Federal Government to save oil revenues above a base amount derived from a defined benchmark price.

The ECA was established in 2004 and its objective is primarily to protect planned budgets against shortfalls due to volatile crude oil prices.

It will be recalled that in 2010, the NEC approved the plan to replace the ECA with a National Sovereign Wealth Fund.

Following controversies over the sharing formula and spending procedure of the ECA, the 36 state governors under the aegis of the Nigeria Governors Forum, had dragged the Federal Government to the Supreme Court.

Specifically, the governors are seeking the judicial interpretation of the management of the ECA.


For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...