Nigeria sets aside $1 bln for sovereign wealth fund

ABUJA Aug 13 (Reuters) - Nigeria has withdrawn $3 billion from its windfall oil savings, $2 billion for the payment of July allocations to the three tiers of government and $1 billion to be set aside for a proposed sovereign wealth fund.

Account General Ibrahim Dankwambo said the excess crude account, into which Nigeria saves oil revenues above a benchmark price, contained just $460 million after the latest withdrawal, down from around $20 billion in early 2007. (For more Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ ) (Reporting by Camillus Eboh; Writing by Nick Tattersall)