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Excess Crude Account Drops from $2.319bn to $631m in 3 Weeks

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The Ministry of Finance on Wednesday disclosed that the amount in the Excess Crude Account (ECA) has dropped from $2.319 billion to $631 million within three weeks.

Permanent Secretary, Ministry of Finance, Mahmoud Dutse while explaining the decline told journalists in Abuja that withdrawals were made by the Federal Government from the ECA to settle the last tranche of the Paris Club Refund.

According to him, when the FAAC committee meeting was held at November 25 to allocate revenue for that month, the balance in the ECA was put at $2.319 billion but on Wednesday, the balance had dropped to $631 million.

“The balance in the ECA is $631 million. The final payment for Paris club refund to states was made and the figure was deducted and that’s what account for the difference.”

When questioned over the legality of such deductions, Dutse replied that, “A decision was taken to make this refund and part of that decision is that the refund should be funded from the ECA. The Federal Executive Council, and the President approved the money.”

The Accountant-General of the Federation, Alhaji Ahmed Idris when accosted on his way out of the meeting to clarify the withdrawal said that due process was followed before the withdrawal was made.

“You can go and find out from the National Assembly if we got approval for it but due process was followed before the fund was released,” he said.

The excess Crude Account is a special account established to keep excess revenues from the prevailing crude oil price at the international market.

Withdrawal from the account is subject to the approval of the three tiers of government and the Executive Council of the Federation (FEC).

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Buhari Will Come Up With Solutions In Few Hours -Major General Babagana Monguno

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Buhari Will Come Up With Solutions In Few Hours -Major General Babagana Monguno

It has been reported that the National Security, Major General Babagana Monguno (retd), on Thursday said the President Muhammadu Buhari, would come up with solutions to the ongoing violence erupting in parts of the country ”in the next few hours”.

Babagana Monguno Says Buhari Is Coming Up With Solutions

According to Punch, May Babagana did not disclose the solutions, he said they would communicate to parties concerned.

Mongunu revealed this in an interview with State House correspondents at the end of a meeting of the National Security presided over the President.

The NSA also did not disclose whether the President will announce the solutions through a national broadcast.

He said,

“The President himself, I have just left his office, is also going to deal with these issues in a specific manner apart from what has just taken place in council.

I believe in the next couple of hours, Mr President will come up with certain solutions that will be agreeable to the entire federation.”

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“Please If Anything Happens To Me, It Wasn’t Ordinary” – Ex BBN Ifu Ennada

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“Please If Anything Happens To Me, It Wasn’t Ordinary” – Ex BBN Ifu Ennada

Nigerian reality TV star and actress, Ifu Ennada has disclosed that she is being threatened over her involvement with the ongoing #endsars protests.

The former BBNAIJA housemate told her fans that if anything bad happens to her, they should be aware that it isn’t ordinary, because she’s getting threat messages from anonymous people.

She wrote;

“They are threatening me! Guys the people where I live are getting calls that I should stop posting about these things.

Please if anything happens to me, just know that it wasn’t ordinary. I’m not posting things that aren’t happening or things that others are not already posting”.

She further mentioned that her location is currently off, and she isn’t home, so no one can trace where she is.

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Hoodlums attack Nnewi police station, release motocycles impounded by police

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Hoodlums attack Nnewi police station, release motocycles impounded by police

Trending online is the news of Some hoodlums who have attacked the Nnewi police station before releasing motocycles impounded by the police.

The station was also set on fire.

A video of the hoodlums celebrating after releasing the motorcyles has circulated on social media.

Watch video below:

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