By Harry Awurumibe, Editor Abuja Bureau
Nigeria’s Finance Minister, Mrs. Zainab Ahmed has given reasons why the country’s Excess Crude Account has been depleted.
She also said the last approval that was given by the FEC was the withdrawal of $1billion to procure military hardware to enhance security in Nigeria.
The Minister who spoke to State House Correspondents on Wednesday after the weekly Federal Executive Council (FEC) meeting at Presidential Villa, Abuja, explained that in the past four years, because of volatility in the crude oil market Nigeria has not been able to save something in the account.
She said: “We (FG) have not had accrual to the Excess Crude Account. So, what we have had, has been gradually used up for different purposes and it is always used in consultation with the National Economic Council (NEC), that is the State Governors because this is a Federation Account”.
“The last approval that was given by the Council was the withdrawal of $1billion to enhance security.
“We have been utilizing that – the last trench of that has been finally released because deployment to security agencies are based on the contracts that are executed and it’s been used strictly for that security purpose.
“So, the utilization of the account is with the full knowledge of the Governors.”