Ex­cess crude ac­count hits $3.93bn

Daily Trust - - NEWS - By Isi­aka Wak­ili

The Min­is­ter of Fi­nance, Mrs Kemi Adeo­sun, told the Na­tional Eco­nomic Coun­cil (NEC) yes­ter­day that the Ex­cess Crude Ac­count stood at $3.93bn as at July 20, 2016.

The ac­count $2.259bn in May.

Adeo­sun also said out of the 35 states that ap­plied for the fed­eral gov­ern­ment’s sup­port fa­cil­ity, 28 met the re­quire­ments; while seven sent their re­quired doc­u­men­ta­tion late and were be­ing pro­cessed.

The gov­er­nor of the Cen­tral Bank of Nige­ria, God­win Eme­fiele, in­formed the NEC that all bank cus­tomers op­er­at­ing domi­cil­iary ac­counts were per­mit­ted to lodge dol­lar cash into their non­ex­port ac­counts sub­ject to the pro­vi­sions of the Money Laun­der­ing Act. was

The Min­is­ter of State for Pe­tro­leum Re­sources, Ibe Kachikwu, said the cur­rent up­stream Joint Ven­tures Cash Calls (JVC) ar­range­ment in the oil and gas sec­tor were in­cor­po­rated ven­tures be­tween the Nige­rian Na­tional Pe­tro­leum Cor­po­ra­tion and the in­ter­na­tional oil com­pa­nies.

Kachikwu pro­posed a new self-funded JVC Cash Calls, In­cor­po­rated JVCs or IJVC whose ben­e­fits, ac­cord­ing to him, in­clude im­proved ac­count­abil­ity, a self-fund­ing en­tity and less po­lit­i­cal in­ter­fer­ence.

The Na­tional Eco­nomic Coun­cil adopted the new agri­cul­ture road map of the fed­eral gov­ern­ment, “The Green Al­ter­na­tive”.

The Min­is­ter of Agri­cul­ture and Ru­ral De­vel­op­ment, Chief Audu Og­beh, told the coun­cil that agri­cul­ture needed to be more se­ri­ously pur­sued by all govern­ments and cit­i­zens.

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