Skip to content
africa digital news logo
  • Home
  • Politics
  • Features
  • Business
  • Crime
  • Opinion
  • Entertainment
  • Sports
  • Academic Publications
  • Book Store
Menu
  • Home
  • Politics
  • Features
  • Business
  • Crime
  • Opinion
  • Entertainment
  • Sports
  • Academic Publications
  • Book Store
  • Politics

Govs Explain How Excess Crude Account Is Being Conducted

  • February 28, 2020
  • 4:10 am
Crude Account
WhatsApp
Facebook
Twitter
Telegram
LinkedIn
Print
State Governors have dismissed media speculations regarding the Excess Crude Account being depleted.

They explained that the operation of the Account is conducted with their knowledge and due approvals of the National Economic Council, NEC.

Answering questions from reporters at the end of the NEC February meeting on Thursday, Governor David Umahi of Ebonyi State explained that the change in the balance of the ECA from USD$325million last month to USD$71million 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.”

Governor Umahi explained that the other expenditure of USD$4 million being significantly reduced is the consultancy costs approved by the Council besides the USD$250 million NSIA investment.

According to Umahi, who spoke on behalf of the Council members, ”No money is missing.”

Read Also: Coronavirus: Umahi Directs Aggressive Awareness Campaign

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 the 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 Lassa 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 Crude Account.

On the efforts at addressing Lassa fever, the Health Minister said National Multi-Sectoral Emergency Operation Centre (EOC) has been activated while state Health EOCs are activated in affected states, adding “intensive sensitization of the public on safety measure needs to be carried out.”

Ehanire also assured of the country’s readiness to respond to the Coronavirus pandemic (COVID-19), saying multi-sectoral Coronavirus Preparedness Group has been established, 4 diagnostic testing facilities are ready at National Reference Laboratory in Abuja, LUTH in Lagos, Irrua in Edo State and Redeemer’s University in Osun State.

NEC was also updated on the status of the 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.

Council was also informed that Edo State is hosting 20th National Sports Festival (NSF) from Sunday, March 22nd, 2020, while the new governor of Bayelsa State, Senator Duoye Diri was introduced and welcomed by the Council.

NAN

  • Crude Account
  • share this news
WhatsApp
Facebook
Twitter
Telegram
LinkedIn
Print
Search
related news
Digital Radio's Role In Politics A Study By A.C. Ihugba

Digital Radio’s Role In Politics: A Study By A.C. Ihugba

Obasanjo Says Lawmakers Deciding Pay Is Unconstitutional

Obasanjo Says Lawmakers Deciding Pay Is Unconstitutional

Sept 28: Court To Rule On Suit Seeking Sylva's Disqualification

Sept 28: Court To Rule On Suit Seeking Sylva’s Disqualification

Niger: Gov Bago Overhauls State Entities, Ends Political Appointments

Niger: Gov Bago Overhauls State Entities, Ends Political Appointments

Akeredolu's Health Impedes Governance, Ondo PDP Alleges

Akeredolu’s Health Impedes Governance, Ondo PDP Alleges

Buhari Felicitates With Tinubu On ECOWAS Chairmanship

Buhari Felicitates With Tinubu On ECOWAS Chairmanship

Kogi: Hoodlums Attack SDP Governorship Campaign Secretariat

Kogi: Hoodlums Attack SDP Governorship Campaign Secretariat

Tinubu's Defence Request Approved By Court, Slated Tuesday

Tinubu’s Defence Request Approved By Court, Slated Tuesday

Ajose-Adeogun, First FCT Minister, Passes Away At 96

Ajose-Adeogun, First FCT Minister, Passes Away At 96

trending
Search

𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

africa digital news logo

follow on social media

Facebook Twitter Youtube Telegram Linkedin

subscribe to newsletter

  • Home
  • Politics
  • Features
  • Opinion
  • Crime
  • Business
  • Entertainment
  • Sports
  • Privacy Policy
  • Terms and Conditions
  • Contact
  • Home
  • Politics
  • Features
  • Opinion
  • Crime
  • Business
  • Entertainment
  • Sports
  • Privacy Policy
  • Terms and Conditions
  • Contact

© 2018 - 2020 Africa digital news, New York
Powered by

People and Polity