The minister, who disclosed this to the National Economic Council (NEC) meeting held at the State House in Abuja yesterday, said the fund was after the payments for fuel subsidy and the Subsidy Reinvestment and Empowerment Programme (SURE-P).
Briefing State House journalists after the meeting, the governor of Akwa Ibom State, Godswill Akpabio said the council resolved that the details of the spending on the excess crude be should be given to states on time.
According to him, the council also urged that action be taken to sort out all the legalities surrounding the excess crude account.
“It was also further suggested that at least two separate accounts be maintained. One will be for the excess crude account and the other one for the SURE-P”, Akpabio added.
Those in attendance included Finance Minister Ngozi Okonjo-Iweala, Supervisory Minister of National Planning, Ambassador Bashir Yuguda and National Security Adviser (NSA) Sambo.
Others were the governors of Plateau, Gombe, Kogi, Delta, Kwara, Kaduna, the acting governor of Taraba State.
The deputy governors of Jigawa, Niger, Lagos, Kano, Imo, Kebbi and Katsina were also in attendance.