Nigeria takes $2 bln from oil savings -finance ministry

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2 Billion Dollars

2 Billion Dollars

Nigeria has released $2 billion from its crude oil savings for ‘various projects’ and distributed more money in October to the three tiers of government than the previous month, the minister of state for finance said on Monday.

Yerima Ngama told reporters that 615.76 billion naira ($3.85 billion) was distributed from federal accounts to the three tiers of government for October, up from 611.5 billion in September.

“We also released a total of $2 billion from the Excess Crude Account to the various arms of government for completion of various projects,” he said, following a meeting of the Federation Account Allocation Committee.

 

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