Economy News Headlines - Yahoo! News: Nigeria removes $1 bln from oil savings to give governors

Economy News Headlines - Yahoo! News Get the latest economy news headlines from Yahoo! News. Find breaking economy news, including analysis and opinion on top economy stories, photos and more.

Nigeria removes $1 bln from oil savings to give governors Jan 30th 2013, 05:54 ABUJA (Reuters) - Nigerian President Goodluck Jonathan approved the removal on Tuesday of $1 billion from the country's oil savings to distribute to state governors for unspecified projects, one of the governors said after a meeting with him. The withdrawal leaves $8.242 billion in the Excess Crude Account (ECA), Nigeria's mechanism for oil savings, Rivers state governor Rotimi Amaechi said after the meeting. Finance Minister Ngozi Okonjo-Iweala has been on a drive to boost savings for Africa's second largest economy, doubling the balance in the ECA over a year before this withdrawal. ... Media files: 2013-01-30T055418Z_1_AJOE90T0GEL00_RTROPTP_2_OZABS-NIGERIA-OILCASH-20130130.JPG (image/jpeg)

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