FG Bows to Pressure, Shares $1Bn from Oil Money

National Economic Council (NEC), the advisory body to the President on the economy met yesterday and approved the sharing of $1billion from the Excess Crude Account (ECA) among the 36 states of the federation and the Federal Capital Territory (FCT).

President Goodluck Jonathan had three weeks ago rebuffed the state governors who were demanding additional $1 billion ECA, a week after the three tiers of government shared about N567.70 billion from the same account.

Dr. Yerima Ngama, minister of State for Finance, said then in Abuja at the monthly Federation Accounts Allocation Committee (FAAC) meeting that the government would not release the ECA funds at least for now.

The same Ngama it was that conveyed the approval of the President to NEC meeting yesterday to share the $1billion, according to Rotimi Amaechi, chairman of Nigeria Governors’ Forum and Rivers State governor, who spoke with State House correspondents at the end of the 45 NEC meeting.

The NEC was  chaired by Namadi Sambo, vice president and also has the 36 state governors, Federal Attorney General, Governor of the Central Bank, Ministers of National Planning, FCT and Finance as members.

Ngama reportedly said that the Excess Crude Account has a balance of $9.242 billion after $1billion was spent on subsidy payments.

Theodore Orji,  Abia State governor, said the Council has also prevailed on states to buy into the activities of the National Agency for Prohibition of Traffic in Persons and Other Related Matters (NAPTIP).