Why excess crude account has $71m balance—NEC

National Economic Council has said that the balance of $71 million in the excess crude account is as a result of federal government investment of $250 million in the Nigerian Sovereign Wealth Authority. Giving the explanation after the NEC February meeting in Abuja, Governor David Umahi of Ebonyi State said that the change in balance of the ECA from $325 million last month to $71 million is due mainly to the new $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 said the other expenditure of $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.

Other highlights of the meeting include reporting balances on the Excess Crude Account which stands at the sum of $71,813,941.84.  The balance on the Stabilization Account stands at N34, 186, 655,761.82, while the balance on the Natural Resources Account stands at the sum of N101, 889,686,452.53. A presentation was made by the Minister of Health, Dr. Osagie Ehanire, on the Nigeria Centre for Disease Control on Lessa Fever. He said “103 confirmed cases and 13 deaths reported from 18 States (Ondo, Ebonyi, Edo, Bauchi, Plateau, Benue, Enugu, Gombe, Kaduna, Kastina, Kogi, Sokoto, Taraba, Delta, Rivers, Adamawa, Nasarawa and Lagos).  Of the confirmed cases 72% are from Edo, Ondo and Ebonyi states,” noting however, that there is a decline in the number of new cases in Benue.

NEC was also updated on the status of ownership structure of the Electricity Power Distribution Companies (DISCOs) by the Council Committee set up for the purpose. According to the Committee, it has received responses from the public, while forensic audit of the DISCOs are being conducted. While requesting for additional time to complete the report, the Committee stated that state governments would provide it with details of their investments in the electricity companies.