Nigeria will split $1.7 billion from its Excess Crude Account (ECA), between the federal, state and local governments to help cover mounting debts, the accountant general said late on Monday.
The ECA had a balance of $2.078 billion at the end of June. President Muhammadu Buhari said last month that the country’s treasury was “virtually empty”. Africa’s biggest oil producer was hit hard by the steep decline in oil prices last year.
Reuters: (Reporting By Felix Onuah, Writing by Julia Payne, Editing by Robin Pomeroy)