Excess Crude Account shrinks by $100million as NEC orders audit

The National Economic Council (NEC) on Thursday expressed worry over the disparities in the figures of the Excess Crude Account and ordered an audit.

This came following a presentation by the Accountant General of the Federation, Ahmed Idris who put the May figures at $2,300,389,201.52 as at May 24 against the $2.4billion recorded in January, February and March respectively. In April the Minister of Finance, Kemi Adeosun told the council that the ECA stood at $2.2billion.

Briefing newsmen after the NEC meeting attended by governors of the 36 states, the Imo state governor, Rochas Okorocha said “Council reviewed many money issues as it affects our nation. Council also reviewed the discrepancies in figures and we have said that the Accountant General will go to look at it and at the next meeting he will brief the council appropriately”.

Okorocha who briefed alongside the Kaduna State Governor, Nasir El-Rufai, and his Bauchi counterpart, Mohammed Abubakaralso disclosed that the NEC commended Acting President Yemi Osinbajo for stabilising the economy in the absence of President Muhammadu Buhari.

NEC which is chaired by the Vice President who is currently the Acting President, consists of the 36 state governors, the ministers of Finance, Budget and National Planning, the Central Bank governor as well as other ministers relevant to the point of their discussion.

“The highlight of the whole discussion today’s was a special commendation that the Council made on the Acting President of the Federal Republic of Nigeria, who we have all resolved to call  a
systems stabilizer given the fact that Mr. President is on medical vacation, the system is still as smooth as it has always been. So, we commended the Acting President  for a job well done” Okorocha said.

Council also received the report of an adhoc committee set up by NEC to study the report of the presidential technical committee of the Land Use Act regulations.

After receiving the report of the first committee, NEC set up a six man adhoc committee to study both the report of the technical committee and the report of the Forum of Surveyor general of the federation and then compare the two reports and make recommendations to council.

The Bauchi state governor who chaired the committee told newsmen that “all the recommendations that tended to temper with the powers of the governors over control of lands in the state were expunged from the report of the presidential technical committee”.

Council received their report and assigned the committee to look at areas of conflict in the Land Use Act and the minerals Act. “There are situations whereby companies will come to Abuja to the Mining Casdastal and obtain license to prospect for minerals in the state.

And the go and immediately commence prospecting without minding the fact that it been granted to some other people by governors who have control over land with certificates of occupancy. So this led to a lot of conflicts. So council has extended the life of this adhoc committee to look into this with a view to making recommendations” Abubakar said.

Okorocha also told newsmen that council received the good news of the commencement crude production at the Forcados terminal as this will also help the  “stabilization of the economy and for us to get out of recession as quickly as possible”.

 

Elizabeth Archibong