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Nigeria says to release $2 bln from crude account
ISTANBUL Oct 5 (Reuters) - Nigeria will release $2 billion from its excess crude account (ECA) to stimulate its economy, leaving between $6 billion and $7 billion in the fund, Finance Minister Mansur Muhtar confirmed on Monday. "We are going to look at various activities aimed at stimulating the manufacturing sector," he told reporters.
"We will be injecting some money using part of it also to clear outstanding debts to the banking system. We are working on some of the details of some projects that will generate jobs very quickly to the population."
He said he hoped the money would be released within the week.
Earlier, a government source told Reuters that Nigerian President Umaru Yar'Adua had approved the $2 billion withdrawal from windfall oil savings in order to develop the country's shambolic power sector and roadway system. (Reporting by Anna Willard; Editing by Andrew Torchia)
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