Indications emerged over the weekend that the Federal Government will soon share the over $2 billion left in the Excess Crude Oil Account, ECA, among state governments to fund capital projects.
Ekiti State Governor Ayodele Fayose gave the indication at the weekend on a radio/television programme, ‘Meet Your Governor’, in Ado-Ekiti.
The governor’s Chief Press Secretary, Idowu Adelusi, in a statement on Sunday, November 8, revealed the step would be taken for the state governments to be able to embark on or complete some capital projects.
Fayose, who added that Ekiti could get about N10 billion from the fund, said: “Nothing is going into the Excess Crude Oil Account again because oil is selling lower than the envisaged price in the international market. That has badly affected all of us.”
According to him, the 2015 budget for Ekiti State was based on oil selling at $65 per barrel, but it sells for a little over $40 now.