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Nigeria to Release $1 bln from Excess Crude Account to Fight Boko Haram

FILE - Family members wait to claim bodies of suicide attack victims at a hospital in Konduga outside Maiduguri, Nigeria, Aug. 16, 2017. The attack was blamed on Boko Haram militants.

Nigerian state governors approved on Thursday the release of $1 billion from a foreign reserves account to the government to fight Boko Haram, the governor of Edo state said.

The money comes from the account which holds foreign reserves from excess earnings from sales of crude oil.

"We are pleased with the federal government achievements in the insurgency war and in that vein state governors have approved that the sum of $1 billion be taken from the excess crude account by the federal government to fight the insurgency war to its conclusion," Godwin Obaseki, Edo state governor, told reporters after a meeting of Nigeria's national economic council.