Photo: Zainab Ahmed, Finance Minister
The Minister of Finance, budget and national planning, Zainab Ahmed, has said that the Federal Government withdrew $35.6 million from the excess crude account (ECA) for security.
The minister disclosed this at the end of Wednesday’s federal executive council (FEC) meeting.
She that the large amount was withdrawn in spite of the fact that the administration had not added any fund in the last four years into the account.
The ECA was created in 2004 by the government of former President Olusegun Obasanjo.
She explained that the Buhari administration was unable to add to the Excess Crude Account due to the volatility in crude oil in recent years.
“The last approval that was given by the council was the withdrawal of $1 billion to enhance security. We have been utilising that .
“The last tranche of that has been finally released because deployment to security agencies is based on the contracts executed and it’s been used strictly for that security purpose.
“So, the utilisation of the account is with the full knowledge of the governors.”
Periscope International recalls that the administration had earlier deducted the $35.6 million in May, leaving a balance of $376,655.09.
The money was spent on security despite the ECA serving as a bailout for the economy in dire times.
