We Spent Excess Crude Account On, Jets, Military Equipment – Minister
Funds in the Excess Crude Account (ECA) were taken to buy the Super Tucano Jets and other military equipment, the Minister of Finance, Mrs. Zainab Ahmed, has explained.
There have been concerns about the depletion of the ECA, following the disclosure, last week, that it was depleted from over $2 billion to about $631.5 million within one month.
Addressing the press, in Abuja, Mrs. Ahmed disclosed that the withdrawal of the approved $1b for the military to fight insurgency, in addition to the Paris Club Refund to state governments were responsible for the sudden reduction in the account.
Her words, “The ECA as at January 2018 had a balance of about $2.45 billion. There were a number of inflows into that account during the course of the year, bringing the total balance to about $ 3.5 billion as at October, 2018
“We had approval from the NEC to use $1b for the needs of the security services and so far, I am sure you all know we have paid for the Super Tucano jets and following that, we have also paid for some critical military equipment which means that most of the $1 has been utilized to date.
“We have also got instructions from Mr. President , with the support of NEC, to pay part of the debt that is being owed by the federal government to the states in respect of the Paris Club.
“That have also been paid from that account. So to date we have a balance of $631.445 million.”
