Sunday 01, July 2018 by Bloomberg

Finance Minister says Nigeria oil firm's savings level `unacceptable'

 

Nigeria’s Excess Crude Account, which holds the country’s oil savings, has a balance of $1.9 billion

Contributions from Nigeria’s state-run oil company to the nation’s Federation Account were not in line with expectations and deemed “unacceptable”, Finance Minister Kemi Adeosun said.

This created a deadlock at the last monthly meeting of the Federation Account Allocation Committee, chaired by Adeosun, and negotations are going on with the Nigerian National Petroleum Corp., she said Thursday in an emailed statement.

“Based on oil price, oil quantity you can pretty much calculate what you are expecting to see in the Federation Account and if the figure is less, then the right question that any stakeholder must ask is why?” the minister said.

Nigeria’s Excess Crude Account, which holds the country’s oil savings, has a balance of $1.9 billion, she said. Nigeria is Africa’s top crude oil producer.

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