We depleted Excess Crude Account from $325m to $71m through investment – Governors

Media speculations regarding the Excess Crude Account (ECA)being depleted have been dismissed by state governors who explained that the operation of the Account is conducted with their knowledge and due approvals of the National Economic Council, NEC.
The Office of the Vice President, in a statement, said that while answering reporters’ questions at the end of the NEC February meeting on Thursday, Governor David Umahi of Ebonyi State explained that the change in balance of the ECA from USD$325 million last month to USD$71 million is due mainly to the investment of USD$250 million in the Nigerian Sovereign Investment Authority (NSIA).
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, the Federal Government, State Governments and Local Governments all get their investment certificates, so we are together in this.”
Continuing, Governor Umahi explained the other expenditure of USD$4 million covers a significantly reduced consultancy cost approved by the Council besides the invested USD$250 million. According to Umahi, who spoke on behalf of the Council members declared that “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.
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.
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