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This is why the NEC has set up a panel to look at what accrued, what it was spent for, when and by whom, so that Nigerians will have the full picture of all the transactions as regards the much talked about Excess Crude Account.” “That money was not distributed to states, it was not paid to the three tiers of government. She reported by November 2014, that we had $4.1 billion but today the Accountant-General’s Office reported that we have $2.0 billion, which means the Honourable Minister spent $2.1billion without authority of the NEC. On the withdrawals from the ECA, he said: “We looked at the figures for the Excess Crude Account, ECA, the last time the Minister of Finance and Co-ordinating Minister of the Economy, reported to the Council and it is in the minutes.
“So if you were doing the right thning, you won’t have a situation where the NNPC alone will spend N3.8 trillion and remit to the federal, states and local governments N4.3 trillion which means NNPC is taking about 47 per cent and that explains all the leakages you are talking about.” That tells you how much is missing, what is mismanaged, what is stolen. “Which means the cost of running NNPC is much more than the cost of running the Federal Government.
The major revelation here is that the entire federation, that is the Federal Government, the states and all the 774 local governments, the amount the NNPC paid into the federation account for distribution to these three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion.
“What it means is that NNPC withheld and spent N3.8 trillion. We are talking about transparency, we are talking about change. “What we saw from those figures,which I believe Nigerians are entitled to know, is that whereas the NNPC claimed to have earned about N8.1 trillion, what NNPC paid into the Federation Account between 2012 and May, 2015 was N4.3 trillion and NNPC withheld and spent N3.8 trillion. This has never happened before and for us this is profound. He said: “This is the first time we had a National Economic Council meeting in which under the instructions of the President, NNPC and the Office of the Accountant -General of the Federation were compelled to provide information in black and white on issues as it relates to the total sales of Nigerian crude from 2012 to May 2015. He disclosed that based on the reports presented by NNPC and officials of the office of the Accountant-General of the Federation to the NEC, it was discovered that a total of N3.8 trillion generated from oil revenues in the last three years was withheld by the NNPC.īesides, he said that the Ministry of Finance unilaterally spent $2.1 billion from the Excess Crude Account without recourse to the governors between last November and May, 2015. President Buhari also pledged to adhere strictly to constitutional provisions on the maintenance of the Federation Account which stipulates that all funds from revenue generating agencies should be paid into the Federation Account.įollowing the inaugural meeting of the NEC, Governor Oshiomhole accompanied by the Chairman of the Nigeria Governors’ Forum and Zamfara State Governor, Abdulaziz Yari Kaduna State Governor, Mallam Nasir el-Rufai and Akwa Ibom State Governor, Mr. He also disclosed plans to channel G-7 funding for the rehabilitation of three states ravaged by Boko Haram. Jonathan.Just before the NEC meeting got underway, a senior official of the Goodluck Jonathan administration gave reasons why it passed over an empty treasury to the new government.Īt the inauguration of the NEC, President Buhari cautioned the state governors to shore up their finances towards ensuring that they do not lag behind in their obligations. Sylvester Monye, who served as special adviser on monitoring and evaluation to President Jonathan, in an interview, also cautioned the new administration’s officials against sustaining the language of opposition while in office, saying that their continuing propaganda could negatively impact on the sound economic indicators transferred by Dr. The committee comprising governors of Gombe, Edo, Akwa Ibom and Kaduna states is also to unravel circumstances of the disappearance of another $2.1 billion which was allegedly unilaterally withdrawn by the Goodluck Jonathan administration in the last six months of its tenure.
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