Buhari Depletes Excess Crude Oil Account for FG, States

President Muhammadu Buhari

President Muhammadu Buhari has approved that the Excess Crude Account be emptied and shared among the three tiers of government.

This was done  in his resolve to end the lingering crisis of unpaid workers’ salaries in the country, especially in several states of the federation and local government councils.

The amount to be shared is  about $2.1 billion (N413.7bn) in fresh allocation between the states and the federal government.

“The money is sourced from recent NLNG (Nigeria Liquefied Natural Gas) proceeds to the Federation Account, and its release was okayed by the president,” the presidency official explained.