Worries as external reserves deplete

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Experts are worried over the dwindling external reserves and the state of the economy of the country.

An economic analyst, Maxwell Nsofor, who made reference to data from the Central bank of Nigeria (CBN) website which shows that the reserves stood at $39.42 billion last Wednesday, May 4th 2022 compared to the $39.81 billion it stood on April 21, pointed out that the reserves dropped in two weeks by $384 million.

This is coming as the federal government announced that the balance in the Excess Crude Account, as of April 27, 2022, stood at a paltry $35.372 million.

The ECA is a savings account retained by the federal government and is funded by the difference between the market price of crude oil and the budgeted price of crude oil as contained in the appropriation bill.

Meanwhile, the Federal Government has made provision of a N3bn Sukuk fund to finance the completion of the 103 kilometer Numan-Jalingo road in Adamawa and Taraba states this year.

The government noted that the slow pace of work was due to the insufficient budgetary provision in the past and COVID-19 pandemic that affected the progress of work.

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