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August 02, 2007
CBN Awaits Panel’s Report On Excess Crude Account
Governor of the Central Bank of Nigeria (CBN), Chukwuma Soludo, may have finally bowed to pressure from the state governments to share among them the revenue that has accrued to the nation’s excess crude account.
August 2nd, 2007
By Tom Chiahemen,ASSIST. BUSINESS EDITOR, Abuja
Soludo, who has been consistently opposed to the idea of sharing the excess fund in recent past, said in Abuja on Wednesday that government would soon take decision to see how the funds in the account should be shared.
Briefing journalists on the outcome of the August meeting of the Monetary Policy Committee (MPC), Soludo disclosed that as at the last count, the excess crude account had yielded over $9 billion.
"I am aware that there is a committee set up by the President to work out appropriate modalities on how best to manage the funds in that account in a very transparent manner."
Soludo said it was too early to say what the outcome of the Presidential committee’s work would be.
He added, however, that if the excess crude revenue must be shared, it would be necessary to do it in a manner that would be "transparent and consistent with the need to maintain national macro economic stability and also respond to the needs of Nigerians for a successful building of infrastructure and other basic needs."
Posted by Publisher at August 2, 2007 08:29 AM
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