Excess Crude Account drops from $325m to $70m

 

   Experts on Wednesday expressed concern following a report that the Excess Crude Account(ECA) was depleted from $325 million to $70 million within a month. The experts blamed it on profound revenue challenges and lack of rules governing deposits and withdrawals from the special account.

   They argued that the depletion would not have been  so massive if   state governors had not insisted on   sharing of monies in the ECA,  a special account for keeping  extra oil revenue above budgeted oil benchmark. The implication of the drop, according to them, is a likely crash of the exchange rate, which invariably would result in  devaluation of the naira.

   A statement from the Federation Account Allocation Committee (FAAC)   yesterday said the strategic reserve account now has $71.814 million down from the $324.968 million recorded on   January 15. Details of the huge depletion was not provided by the FAAC team that issued the statement. Last month, the Central Bank of Nigeria (CBN) warned the fiscal authorities to build up buffers against revenue shocks by saving for the rainy day.

Lassa fever- Lagos places 63 under surveillance

 

  The Lagos State Commissioner for Health, Prof. Akin Abayomi, has said the state has placed 63 persons under surveillance following the confirmation of an index case being isolated at the Lagos University Teaching Hospital, Idi-Araba.

We may impose tough visa rules on Nigeria - EU

  The European Union says it can impose restrictive visa implementation rules on Nigeria, if it fails to play its part in the return and readmission of its nationals staying illegally in the EU.

Couple Arraigned For Allegedly Stealing N2.7m From Bank

 

  The Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office on Tuesday, February 18, 2020, arraigned an ex-banker, Akinwole Oluwaseun Dosunmu, alongside his wife, Motunrayo Olanike Dosunmu before Justice Ladiran Akintola of the Oyo State High Court, Ibadan for alleged financial fraud to the tune of N2, 740,300.92 (Two Million, Seven Hundred and Forty Thousand, Three Hundred Naira, Ninety-Two kobo).

NFF Denies Viral Report That It Appointed Daniel Amokachi Super Eagles Technical Crew Head

    The Nigeria Football Federation (NFF) has denied rumours making rounds of the appointment of former Super Eagles Captain and Coach, Daniel Amokachi as Head of its Technical Department. In a statement on Wednesday, Ademola Olajire, NFF Director of Communications, said Mr Bitrus Bewarang still remained the federation’s Technical Director.

   Olajire quoted Chairman of the NFF Technical and Development Committee, Alhaji Yusuf Fresh, as saying that at no time did the body call for applications from candidates for that position, not to talk of appointing anyone.