Nigeria’s Excess Crude Account (ECA), which is savings on crude oil earnings above yearly budgetary oil benchmark price, has risen slightly to about $2.09 billion dollars as at Tuesday, October 16.
Bauchi State Governor, Mohammed Abubakar, gave this hint while briefing State House correspondents after the National Economic Council (NEC) meeting on Thursday at the Presidential Villa, Abuja.
He said that the Minister of Finance, Zainab Ahmed, gave the update on the Federation Account Allocation Committee (FAAC), Excess Crude Account, Stabilization Fund Account and Natural Resources Development Account during the meeting.
The governor clarified further: “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”, Abubakar added.
According to him, ad hoc committee set up by NEC to address the problem of crude oil theft and its prevention and control updated the FEC on its activities, adding that council approved the nomination of Edo State Governor, Godwin Obaseki, to head the committee in replacement of former Delta Governor, Emmanuel Uduaghan.
The members of the ad hoc committee comprise, governors of Akwa Ibom State, Delta, Bayelsa, Cross River and Ondo as well as Ministers of Budget and Planning, Finance, Petroleum Resources, and representatives of the all the security agencies.
Abubakar disclosed further that the Minister of Youths and Sports, Solomon Dalung, gave a presentation on the sporting activities that were conducted by his ministry, especially the National Youth Games and the National Sports Festival.
The governor said that the minister reported that the National Youth Games had been held successfully with 32 states participating and that the ministry was making arrangements for the next edition of the National Sports Festival.
Abubakar explained: “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”, the governor added.