Oil field State governors, who are members of the National Economic Council (NEC), on Thursday explained why the Excess Crude Account ( ECA ) balance dropped by about 78.2 per cent within two months. The balance in the ECA declined from $325 million in January to about $71 million as announced at the end of the last Federation Accounts Allocation Committee (FAAC) meeting in Abuja. The sudden drop in the balance of the account by about $254 million gave rise to speculations that the money in the account may have been misappropriated. The special account was established to hold savings from excess revenues realised from the export of Nigeria’s crude oil at a price above the approved benchmark in the federal budget. But, representatives of the Nigeria Governors Forum explained that the operation of the account was with their knowledge and due approvals of the NEC. Speaking on behalf […]