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Also, the House declared its intention to reduce the recurrent expenditure and increase the capital expenditure contained in the recently presented 2013 budget estimates. "We are looking at the recurrent expenditure that is higher than the capital
Abuja Governors of the 36 states of the federation, yesterday, returned to the Supreme Court to challenge what they termed "massive illegal deductions" from the Excess Crude Account by the Federal Government. The governors are, among other things,
Wednesday deducted $1 billion (about N155 billion) from the Excess Crude Account (ECA) and shared it among the three tiers of government. Also, a total of N520 billion was distributed among the tiers of government for July, bringing the total amount
Briefing the National Economic Council (NEC) meeting yesterday, the Minister of Finance, Ngozi Okonjo-Iweala, said the decision is to provide reserve for the economy that will last at least three months. The minister said the increase was also to
A seven-man panel of the court, headed by the Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, has assumed jurisdiction of the legal dispute following an outright collapse of an out-of-court mediation between the warring parties. Though the
Nigeria's Excess Crude Account (ECA) is once more building up. We were told by the Director of Funds in the Office of the Account General of the Federation, Alhaji Babayo Shehu, who attended that meeting that funds in the ECA now stand at $6.9billion.
Friday that N82.961 billion was withdrawn from the excess crude account to augment the revenue for June 2010, which was shared by the three-tiers of government. This was justified on the account of the shortfall in distributable revenue based on the