Nigeria: $1.92bn in Excess Crude Account, N18.89bn in Stabilization Fund Account – Adeosun
Abuja, July 20, 2018 (AltAfrica)-Nigeria government on Thursday said, the nation has the sum of $1.92billion as the balance in the Excess Crude Account.
The Deputy Governor of Oyo State, Moses Adeyemo, who announced this at the end of National Economic Committee, NEC meeting added that the Stabilization Fund Account had N18.89 billion and the Natural Resources Development Fund N133.72 billion as at July 16.
According to Adeyemo, Finance Minister, Kemi Adeosun revealed the report to NEC during her briefing.
Also, the Special Adviser to President Buhari on Economic Matters, Dr Adeyemi Dipeolu, while briefing the press corps on the progress made in the Micro Small and Medium Enterprises (MSME) Clinics inaugurated by Vice-President Yemi Osinbajo, said the activities had so far spread to 17 states with 303,000 participants.
According to him, MSMEs account for nearly 50 per cent of Nigeria’s GDP and provide an estimated 70 per cent of total employment while among its challenges are access to finance, poor infrastructure, and multiple taxation.
Dipeolu listed other identified challenges as limited business development support, inconsistent policies and access to market.
However, achievements of the MSME Clinics, according to Dipeolu, include creation of One-Stop Shops in Cross River, Abia, Kwara, Osun and Plateau states, adding that NEC approved the extension of the clinics to all states and continuity of programme objectives in states already visited.