After the distribution, only about $.3billion will be left in the account which was created to contain savings for leaner financial times.

Excess Crude AccountFG, states to share N391bn

After the distribution, only about $.3billion will be left in the account which was created to contain savings for leaner financial times.

The Federal Government and Nigeria’s 36 states are reportedly set to share $1.7billion out of the funds left in the Excess Crude Account (ECA).

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President Muhammadu Buhari meets with Nigeria's 36 governors

 (Twitter)

After the distribution, only about $.3billion will be left in the account which was created to contain savings for leaner financial times.

The parties involved decided to share the funds after some governors who have been unable to pay their workers’ salaries approached President Muhammadu Buhari for a possible bailout.

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President Muhammadu Buhari meets with governors

 (Twitter)

The Nigerian Governors’ Forum (NGF) had earlier accused former Finance Minister, Ngozi Okonjo-Iweala of depleting the ECA.

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Dr. Ngozi Okonjo-Iweala

 (Business news)

Edo State governor, Adams Oshiomhole stated further that Okonjo-Iweala had spent $2.1bn from the account without approval.

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Ex-Finance Minister, Ngozi Okonjo-Iweala and Edo State Governor, Adams Oshiomhole

 (Daily Post)

The former minister has however denied the allegations.