The federal government says the $35 million withdrawal from the country’s excess crude accounts was used as an advance payment for the acquisition of offshore patrol vessels.“The $35 million disbursement from the excess crude account is from June 2022, is an advance payment for the purchase of brand-new Offshore Patrol Vessels for the Nigerian Navy, as part of efforts to consolidate on maritime security gains recorded in the Gulf of Guinea,” it said.
“Earlier this year, Nigeria exited the International Maritime Bureau Piracy List. Most recently, the IMB noted that there were zero actual/attempted piracy and ship-armed-robbery incidents in Nigerian waters in the first half of 2022.”ECA is the difference between the market price of crude oil and the budgeted price of crude oil in Nigeria’s budget.
It was established in 2004 by the federal government to save for rainy days, stabilise the country’s economy and smooth out the impact of price volatility in oil exports. Since its creation, the ECA has been the
NigNavyToday ZShamsuna Cable said $35 million. But you said $35 billion. Just read how ECA was depicted from 2009 when your boss were among the Economy team of GEJ. After reading this. I think you can have peace.
NigNavyToday ZShamsuna Why is it then that Crude Oil Theft is in the increase?
NigNavyToday ZShamsuna Vision less GOVT. Instead of investing on modular refineries to boost local refining of fuel, this clueless govt wasted $35b on fuel vessels to boost continuous importation of fuel wasting forex. D dollar will rise as high as N1,500 per dollar. Solution: get ur PVC & vote wisely
NigNavyToday ZShamsuna So the balance in the ECA is now zero Dollars?😲😲