Sunday, April 18, 2021
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NEC Approves $1bn Excess Crude Funds To Fight Boko Haram

The National Economic Council, yesterday, gave the federal government the go ahead to spend $1billion from the Excess Crude Account (ECA) on the fight against Boko Haram insurgents.


Governor of Edo State, Godwin Obaseki disclosed this while briefing State House correspondents on the outcome of the monthly NEC meeting presided over by Vice President Yemi Osinbajo.


The Excess Crude Account, being money saved from the sale of crude oil above the appropriation benchmark, currently stands at $2.3 billion.


It is usually shared among the three tiers of government.


Obaseki said state governors who form the bulk of the membership of NEC decided to make the concession to allow the federal government spend the money due to the its impressive effort in the fight against insurgency in the country, especially in the North East.


He said, “The NEC also resolved through the chairman of the governors forum to support the effort of the federal government in the area of security. Pleased with the achievements that have been made till date in the fight against insurgency, particularly in the North East, the state governors through their chairman, announced at the NEC meeting, that the governors have giving permission to the federal government to spend the sum of US $1billion in the fight against insurgency.


“This money is supposed to be taken from the Excess Crude Account.”


Also speaking at the briefing, Gombe State governor, Ibrahim Dankwambo gave updates on the forensic audit report on government revenue generating agencies, the Natural Resource Development Fund Account and the Budget Support Facility among others as presented to the council by the Accountant General of the Federation, Ahmed Idris.


On the forensic audit, a preliminary report of which was submitted last month, the governor said, “Council was informed that KPMG is still conducting the audit of the Nigerian Customs Service and the Nigerian Communication Commission,” adding that by January 2018, the audit will be concluded and reports will be submitted to the council.



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