Nigeria Takes $1.6 Billion From Crude Account, BusinessDay Says

Nigeria’s government has withdrawn 250 billion naira ($1.6 billion) from its excess crude account savings this year, BusinessDay reported, without saying how it got the information.

While recurrent expenditure is meeting budget targets, investment was only 34 percent of the full-year target in the first half of 2011, the Lagos-based newspaper said.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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