Why did the Federal Government borrow money to finance the 2009 budget from the Excess Crude account?
The Federal Government did not borrow money from the Excess Crude account to finance the budget as such. As you know very well, the Excess Crude account money belongs to everybody, which means that all the tiers of government: the federal government, states and local government councils are all stakeholders in the Excess Crude account. When they meet together under the National Economic Council, they take decisions on common grounds. One of the decisions taken recently was they needed to access the Excess Crude account and use it for particular financing of the budget. You know the present reality of the economy at the moment. In all ramifications, it is a well documented procedure of assessment. What are the measures equally put in place to mitigate against the financial melt down? Well, the financial meltdown as you put it is a global phenomenon. Something that started in the United States of America’s Financial Sector, Banking System over there, it is spreading gradually to many cou
