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Drop in oil price affecting ECA – NEC

By on November 22, 2014

The National Economic Council presided over by Vice President Namadi Sambo on Thursday regretted that the drop in oil price was affecting the inflow of money into the Excess Crude Account.

The Lagos State Deputy Governor, Mrs. Adejoke Orelope-Adefulire, and the Minister of Communications Technology, Mrs. Omobola Johnson, who briefed State House correspondents at the end of the meeting, confirmed this.

Orelope-Adefulire said the account stood at $41bn but noted the Federal Government was working hard to stabilise the nation’s currency.

She said, “The Minister of State for Finance, Ambassador Bashir Yuguda, who represented the Minister of Finance, Dr. Ngozi Okonjo-Iweala, reported to Council that the Excess Crude Account stood at $4.1bn.

“The minister stated that the drop in oil price was affecting the inflow of money in to the Excess Crude Account but the Federal Government is trying hard to stabilise the currency.”

She added that the council called for a review of the proposed amendment to the Act on the harmonisation of taxes and levies across the federation.

The deputy governor also said the council had directed the Inspector-General of Police, Mr. Suleiman Abba, to enforce the directive on the dismantling of roadblocks for revenue collection on the highways across the country.

 

 

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