Excess crude account hits $3.93bn

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.