Nigeria’s Excess Crude Account (ECA), the holding account for extra oil proceeds from benchmark in the budget, has risen to $2.9Bn in October 2018. This is higher than the $1.8Bn in April 2018.
The National Economic Council (NEC) says Nigeria’s Excess Crude Account stood at over 2.09 billion dollars as at Oct. 16.
Bauchi State Governor, Mohammed Abubakar, said this while briefing State House correspondents after NEC meeting on Thursday at the Presidential Villa, Abuja.
Abubakar said that the Minister of Finance, Zainab Ahmed, gave the update on the Federation Account Allocation Committee (FAAC), Excess Crude Account, Stablisation Fund Account and Natural Resources Development Account.
“She presented a budget estimate for the FAAC meetings of 2018; usually these budgets estimates are prepared by the Office of Accountant General and tabled before the NEC for approval.
“A total budget of N650 million was approved for the conduct of the FAAC meetings for 2018, later on the minister gave update of the Excess Crude Account as at Oct. 16, 2018 which stood at 2.09 billion dollars.
“The Stablisation Fund Account stands at N21.9 billion and then the Natural Resources Development Fund stands at N119. 7 billion.’’
He said that there was also an update on the ad hoc committee set up by NEC to address the problem of crude oil theft and its prevention and control.
Abubakar said that the committee used to be headed by the then Governor of Delta State, Dr Emmanuel Uduaghan, but NEC had approved the nomination of Edo State Governor, Godwin Obaseki, to head the committee.
The other governor members of this committee are governors of Akwa Ibom State, Delta, Bayelsa, Cross River and Ondo.
He listed other members of the committee as the Ministers of Budget and Planning, Finance, Petroleum Resources, and representatives of the all the security agencies in Nigeria.
Abubakar said that the Minister of Youths and Sports, Solomon Dalung, gave a presentation on the sporting activities that were conducted by his ministry.
He said that Dalung spoke specifically on the National Youth Games and the National Sports Festival.
“He indicated that the National Youth Games has been held successfully with 32 states participating and that the next edition of the National Sports Festival is in high preparation.
“The Minister of FCT has agreed to host the 19th edition of the National Sports Festival.
“He called on governors to support the process by preparing participants on time and supporting their participants to the venue.
“Giving adequate security for the participants including also kitting the participants for the festival as well as paying their participation fees to the organisers of the festival, ‘’ he said.