Stabilisation Fund shrinks to N25.8bn as Excess Crude Account hits $2.45bn

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Stabilisation Fund shrinks to N25.8bn as Excess Crude Account hits $2.45bn

The Minister of Finance, Kemi Adeosun, has put the balance in the Stabilisation Fund Account at N25,793,400,290.00.

The minister disclosed this Thursday in her presentation during a meeting of the National Economic Council chaired by Vice President Yemi Osinbajo.

The Stabilization Fund Account is an account equivalent to 0.5 percent of the Federation Account allocated and paid into a designated fund from where, if any state of suffers an absolute decline in its revenue arising from factors outside its control, shall tap in, to augment the allocation to that state.

Adeosun told the council that the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) recently approved for disbursement to many states, N39,613,282,870.69.

The minister also informed the council that the balance in the Excess Crude Account (ECA), as of March 15, 2017, stood at $2,45,864,724.59.

She noted that the ECA balance did not reflect the last month’s decision by the council to deduct $250 million for injection into the Sovereign Wealth Fund.
[DailyTrust]

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