The Nigerian Federation Accounts Allocation Committee (FAAC) has disclosed that the country excess crude revenue account has been depleted to $631 million in a space of 21 days period.
This is even as Zainab Ahmed, the country Minister of Finance, last month in a meeting in Kaduna disclosed that the country excess crude account stood at about $2.319 billion.
It has remained very unclear how the country excess crude account was depleted to 73 percent within a short period.
Excess Crude Account is a special account established by the state to save gains made from the sale of crude.
This is even as, before monies can be withdrawn from the account, three tiers of government will give consent and give approval.
Nobody seems to know when the decision to withdraw the monies was made and who gave the approval.
However, Mr. Mahmoud Isah-Dutse, Permanent Secretary, Federal Ministry of Finance at the FAAC meeting said the money was withdrawn to settle the last tranche of the Paris Club loan refund to states.
A claim that many Nigerians have faulted and disagreed with.
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