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Nigeria Approves $2 Billion Transfer From Oil Savings

March 21 (Bloomberg) -- Nigerian President Goodluck Jonathan approved the distribution of $2 billion from oil-revenue savings to be shared by the country’s 36 states and federal government.

The funds, which will be distributed within the next two weeks, will be used to “facilitate various development projects being executed by the different tiers of government across the country,” Akwa Ibom state Governor Godwill Akpabio said today in an e-mail from the capital, Abuja.

Nigeria, Africa’s largest oil producer, relies on crude exports for about 95 percent of its foreign-currency earnings and 80 percent of government revenue, according to the Finance Ministry. The West African country saves oil revenue above the budgeted price in the Excess Crude Account to meet spending shortfalls. The account currently has $7.82 billion, Akpabio said.

Nigeria’s 36 states shared $1 billion last month from the oil savings to help them complete projects that have already been started.

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

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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