Controversy trailed Wednesday’s revelation by the Federation Accounts Allocation Committee (FAAC) that the excess crude revenue account savings has been depleted to only $631 million within three weeks. Barely three weeks ago, Minister of Finance, Zainab Ahmed, disclosed at the end of the committee’s meeting in Kaduna on November 25, 2018, that the balance in the account stood at about $2.319 billion. It was not clear how about $1.688 billion, almost 73 per cent, left the account in a space of three weeks. Excess Crude Account is a special account established to warehouse excess revenues from the prevailing crude oil price at the international market. Income generated above the approved crude oil benchmark price in the annual budget is saved in the account. Withdrawal from the account is subject to the approval of the three tiers of government and the Executive Council of the Federation (FEC). It was not […]