The National Economic Council, NEC, has explained that no money is missing in Nigeria’s Excess Crude Account.
This followed questions raised over the depletion of the account from $325million to $71million.
Ebonyi State Governor, David Umahi, who briefed State House correspondents after Thursday’s meeting of the NEC presided over by Vice President Yemi Osinbajo, said that there was no truth in reports that the account has been depleted.
Umahi said that the federal government and states agreed to invest $250million from the fund in the Nigerian Sovereign Investment Authority, NSIA, while $4million was spent on consultancy services “that would have cost the fund about $500million.”
He said: “$250million was an agreed investment by the governors and the FG in the NSIA, and they are doing very well.
“They are handling our infrastructure very well that the forum agreed with the FG that we should further invest $250million and when this investment is made, the FG, states and LGs get their investment certificates. So, we are together in this.
“And then you ask, where is the other $4million? It was used in paying certain consultancy services that would have cost the fund about $500million but it was re-negotiated to $4million.
“Some people went to court over certain transactions in the NNPC and the FG had to engage consultants to handle that.
“We would have paid consultants 5% of the cost they were seeking. That would have translated to $500million. But it was renegotiated to $4million.
“So, if you add to $250million to $4million you get $254milllion. This added to $71million will give you $325million. We are back to where we were. So, no money is missing.”
Umahi said that the Minister of Finance, Budget and National Planning, Zainab Ahmed, presented a report to the council on the balances in Nigeria’s Special Accounts.
According to him, the minister reported that the balance in the Excess Crude Account as at February 24, 2020 was $71, 813, 941. 84.
The minister’s report also showed that the balance of the Stabilization Account as at 24th of February stood at 34, 186, 655, 761.82, while the balance in the Natural Resource Account as at same date stood at N101, 889, 686, 452.53.
Governor Umahi said that the Finance Minister also gave an update on the Budget Support Facility showed that deductions were made on statutory account of the affected states in the months of January and February 2020.