NEC
HighlightNews From MDA'S

Excess Crude Account: Governors dismiss allegations of depletion

230

 

 

The National Economic Council, NEC, Thursday dismissed media speculations regarding the Excess Crude Account being depleted. Nigerian governors also pushed back on the allegations revealing that operation of the Account is conducted with their knowledge and due approvals.

Answering reporters’ questions at the end of the NEC February meeting, Governor David Umahi of Ebonyi State explained that the change in balance of the ECA from USD$325 million last month to USD$71 million is due mainly to the new USD$250 million investment in the Nigerian Sovereign Investment Authority (NSIA), approved by the Council.

According to him, “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.”
Continuing, Governor Umahi explained the other expenditure of USD$4 million being significantly reduced consultancy cost approved by the Council besides the USD$250 million NSIA investment. According to Umahi, who spoke on behalf of the Council members, “So no money is missing.”
The National Economic Council holds monthly and is chaired by Vice President Yemi Osinbajo, SAN, comprising the 36 governors, the Minister of the Federal Capital Territory and the Governor of Central Bank.

Leave a comment

Related Articles

Corps members escape death as NYSC hostel collapses in Ekiti

A devastating incident occurred at the National Youth Service Corps (NYSC) orientation...

Just in: Pres. Tinubu names National Theatre, Lagos, after Prof. Soyinka

President Bola Tinubu on Friday named the National Theatre in Lagos after...

Just in: Buhari’s Power Minister, Mamman, gets reprieve, N10bln bail

A Federal High Court in Abuja on Friday granted bail to former...

In Niger Republic, hundreds of inmates, including Boko Haram terrorists now on the loose

A violent uprising at the Koutoukalé prison in the neighboring Niger Republic,...

ASUU gives N400,000 scholarships to two Ebonyi varsity indigent students

The Academic Staff Union of Universities (ASUU), Ebonyi State University (EBSU) chapter,...

A Word for NNPC Traducers by Solomon Daminabo

In life, it is an unwritten law that one cannot be a...

Nigeria lost N721bln to bribing public officials in 2023, says NBS

A staggering N721 billion was received as bribes by Nigerian public officials...

LG autonomy: NLC lauds S’Court judgment, Pres. Tinubu for instituting the lawsuits

The Nigeria Labour Congress (NLC) has commended President Bola Tinubu for his...

Minimum wage: Pres. Tinubu meets with VP Shettima, some governors

President Bola Tinubu is currently in a private meeting with Vice President...

Court orders trial in absentia for Ganduje, wife, others, declines bench warrants for defendants

Justice Aminu Adamu Aliyu, presiding over a Kano State High Court, has...

Updated: Ex-Power minister remanded in prison over alleged N33bn fraud

A Federal High Court in Abuja has remanded Saleh Mamman, a former...

EndSARS Crackdown: Buhari’s govt. guilty of human rights abuses, ECOWAS Court rules

The ECOWAS Court of Justice has delivered a landmark judgment, condemning the...

Tinubu hails Supreme Court’s decision on local govt. autonomy, constitutional rights

President Bola Tinubu welcomes the Supreme Court’s decision affirming the spirit, intent,...

Akpabio, Lawan spat over sitting time, prompting Senate’s emergency executive session

The Senate abruptly went into a closed-door emergency session on Thursday after...

Reps denounce arbitrary detention of journalists

Members of the House of Representatives have unanimously denounced the persistent harassment...

Breaking: Appeal Court affirms Ododo’s victory in Kogi governorship election

A three-member panel of the Abuja Appeal Court has upheld the election...

Reps launch probe into Hajj commission’s handling of 2024 pilgrimage

The House of Representatives voted to inaugurate a special investigative committee to...

N22bln Fraud: Arraignment of Buhari’s Dismissed Power Minister Stalled

Due to his alleged poor health, a Federal High Court in Abuja...

Updated: Supreme Court orders allocations from federation account paid directly to 774 councils

The Supreme Court of Nigeria has directed the Federal Government to pay...

Royal Academy of Morocco honours Nobel Laureate Wole Soyinka

By Ramlat Ibrahim The Royal Academy of Morocco in Rabat has paid...