$1.7 billion left in Excess Crude Account, says AGoF

Buhari & Alhaji Ahmed Idris

Buhari & Alhaji Ahmed Idris

CONTRARY to claims by governors last week that about $2 billion was left in the Excess Crude Account (ECA) by the last administration, latest figures from the Office of the Accountant General of the Federation (AGoF) indicates it is actually $1.6 and $1.7 billion.

This was revealed yesterday by the newly appointed Accountant General of the Federation, Alhaji Ahmed Idris, while speaking with State House correspondents after officials of the Federal Ministry of Finance (FMI) led by the Permanent Secretary, Mrs. Anastasia Daniel- Nwobia took their turn to brief President Muhammadu Buhari on the activities of their ministry.

Governor Adams Oshiomhole of Edo State had last week, told journalists at the end of the 58th National Economic Council (NEC) meeting in Abuja that of the $4.1 billion left in the ECA in 2014, only $2.0 billion was in the coffers as at last month.

He blamed the former administration of squandering $ 2.1 billion without authorisation. But Idris, whose appointment as Accountant General of the Federation was announced last week confirmed that what was in the account hovered between $1.6 and $1.7 billion which would be distributed among the three tiers of government in line with the Presidential directive.

According to Daniel-Nwobia, the briefing was to acquaint the President on what is happening in the agencies, noting that though handing-over notes were presented, she believed that discussing the notes and clarifying issues in the handing over notes was important.

“And that’s what we have done with the President, as he will at least now have a bit of insight on how he wants to run the ministry in the interim. “The general message is clear: Mr. President has given a directive which we all have to fall in line with: Prudent management of resources, identifying more alternative ways of getting revenue and to mange the meager resources we have found on ground very efficiently and effectively for the betterment of the economy.”

She described as unfair insinuations that the absence of ministers has engendered massive looting in the ministries, departments and agencies (MDAs) even as she, challenged anyone with evidence of such to come forward. She allayed fears about the state of Nigeria’s finances which she described as okay.

According to her: “The state of Nigeria’s finances is okay, though we are going through challenges of revenue stream to government. This, you know obviously, is from the price of oil that has dropped. But we are working to see how we can shore up the revenue, so that we will be able to meet our expenditure needs.”

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8 Comments
  • Martino

    PMB said “We met an empty treasury”. So from where did the Federal Government get the funds? Maybe from recovered looted funds…Abi? Or the US, Germany and UK dashed us money…? Or Jonathan and Okonjo-Iweala quickly returned the loot after Oshiomhole ranted like a rabid dog? APC with their usual loud mouth have not commented on this. When PMB and most APC govvernors came to power a few weeks ago, they started chorusing “EMPTY TREASURY”, so that they will have a cheap excuse not to deliver on the campaign promises they made; For example, N5000 for every unemployed. Before the news about the state of the treasury landed, APC went on air and in the dailies lambasting the former administration for mismanagement.
    The question is: if the former administration had not been very wise, would they have even thought of the Excess-Crude-Account let alone reserve for the rainy days, in which we are now? Kudos, GEJ! Kudos Okonjo-Iweala!! I personally appreciate GEJ for ignoring propaganda, a character which I see lacking in PMB. PMB needs to apologise the GEJ-Administration for spreading false information about the treasury.

    • Tony Jackson

      Empty treasury does not mean there is no dime there. Dont you get it?

      • Laughter

        My friend empty is empty. Please dont play with words here. They gave the whole world a wrong impression. If they say they met a lean treasury one can understand, because there was money there. Afterall, we all know when we say a pot of soup is empty. Period!

        • Martino

          Laughter…Thanks…Tony Jackson seems to be an illiterate. Maybe we’ll recommend him purchasing OXFORD’S ADVANCED LEARNERS DICTIONARY.

      • Martino

        What then does empty mean in the dictionary? Half-full or half-empty. You don’t get it, obviously. That is Loud-Mouth APC member talk, as usual. I know they way they think and talk…like parrots.

        They talk but don’t think. My firend, CHANGE ur thinking…We are in CHANGE-D. The D means DECEIT.

  • Concerned Nigerian

    This guy is an idiot. It is a well known fact that $2.0bn was left in the account. If the current administration spends out of it that is their business. Stop attributing that to the last administration. As account general we don’t expect you to be giving us “hovering” figures. If you don’t know what you are doing there, resign and get out.

    • emmanuel kalu

      i agree with you. he is the person supposed to know exactly how much is there, how much was spent, when and by who.

  • emmanuel kalu

    stop with all the finger pointing and get down to business. why is it only nigeria govt can give an accurate amount of money in an account. how much money do we have in that account, no estimate, we need actuals. how long does it take to be up to date on the affairs of the country. where are all the directive and action. right now, there should be NO MDA with account out side of the govt account with CBN. it doesn’t take months to close and account and transfer the money to a different account.

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