Home NEWS Nigeria’s Excess Crude Account Not Depleted, Governors Assure

Nigeria’s Excess Crude Account Not Depleted, Governors Assure

Gov. Umahi of Ebonyi state

Governors of the 36 State in Nigeria have confirmed that  the nation’s Excess Crude Account is not depleted, contrary to speculations making the rounds.
Answering reporters’questions today, February 27 shortly after the meeting of the National Economic Council (NEC) at the presidential villa in Abuja, the governors explained that the operation of the Account is conducted with their knowledge and due approvals of NEC.
Governor David Umahi of Ebonyi State, who spoke on behalf of his colleagues said that the change in balance of the ECA from $325 million last month to $71 million is due mainly to the new $250 million investment in the Nigerian Sovereign Investment Authority (NSIA), approved by the Council.
“The Authority is doing very well; they are handling infrastructure so nicely that the governors and the Federal Government are investing well. When the investment was made both the Federal Government, State Governments and Local Governments all get their investment certificates, so we are together in this.”
Governor Umahi said that other expenditure of $4 million being significantly reduced consultancy cost approved by the Council besides the $250 million NSIA investment.
“So no money is missing.”
The NEC, chaired by Vice President Yemi Osinbajo, is made up of governors of the 36 states, the Minister of the Federal Capital Territory (FCT) and the Governor of Central Bank.
Highlights of the meeting today, according to the vice presidential spokesman, Laolu Akande, include reporting balances on the Excess Crude Account which stands at the sum of $71,813,941.84.  The balance on the Stabilization Account stands at N34, 186, 655,761.82, while the balance on the Natural Resources Account stands at the sum of N101, 889,686,452.53.
He said that the Minister of Health, Dr. Osagie Ehanire, made a presentation on the Nigeria Centre for Disease Control on Lessa Fever.
He quoted the minister as saying: “103 confirmed cases and 13 deaths reported from 18 States (Ondo, Ebonyi, Edo, Bauchi, Plateau, Benue, Enugu, Gombe, Kaduna, Kastina, Kogi, Sokoto, Taraba, Delta, Rivers, Adamawa, Nasarawa and Lagos).  Of the confirmed cases 72% are from Edo, Ondo and Ebonyi states.”
On the efforts at addressing Lassa fever, the Health Minister said that National Multi-Sectoral Emergency Operation Centre (EOC) has been activated while state Health EOCs are activated in affected states, adding “intensive sensitization of the public on safety measure needs to be carried out.”
Ehanire assured of the country’s readiness to respond to the Coronavirus pandemic (COVID-19), saying multi-sectoral Coronavirus Preparedness Group has been established, 4 diagnostic testing facilities are ready at National Reference Laboratory in Abuja, LUTH in Lagos, Irrua in Edo State and Redeemer’s University in Osun State.
NEC was also updated on the status of ownership structure of the Electricity Power Distribution Companies (DISCOs) by the Council Committee set up for the purpose. According to the Committee, it has received responses from the public, while forensic audit of the DISCOs are being conducted.
While requesting for additional time to complete the report, the Committee stated that state governments would provide it with details of their investments in the electricity companies.
Council was also informed that Edo State is hosting 20th National Sports Festival (NSF) from Sunday, March 22nd, 2020, while the new governor of Bayelsa State, Senator Duoye Diri was introduced and welcomed by the Council.

Editorial staff
Editorial Staff at Greenbarge Reporters is member of a team of journalists led by Editor-in-Chief, Yusuf Ozi Usman.

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