Excess Crude Account: Governors dismiss allegations of depletion

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.