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Nigerian Govt Withdrew $1billion From Excess Crude Account For Security – Minister

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The Nigerian government withdrew $1billion from the Excess Crude Account (ECA) to fund security amid depleting oil revenue, an official said on Wednesday.

Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, made this revelation while briefing State House Correspondents at the end of the cabinet meeting presided over by President Muhammadu Buhari on Wednesday.

Mrs Ahmed’s intervention comes amid concerns raised by the reduction in the balance of the ECA.

Reports said Tuesday that the balance in account fell significantly from $35.7 million it was as of June 2022 to $376,655.09 as at July 25, 2022.

Reuters said the nation’s accountant general released the figures late on Tuesday but did not give a reason for the steep drop.

On Wednesday, Mrs Ahmed said the volatility in the global oil market accounted for the drop in the ECA balance.

“On the issue of the excess crude account, in the past four years, because of volatility in the oil market, we have not had accrual to the excess crude account,” she said.

“So, what we have had has been gradually used up for different purposes and it is always used in consultation with the National Economic Council that is the governors because this is a federation account.

“The last approval that was given by the council was the withdrawal of $1billion to enhance security. We have been utilizing that and the last tranch of that has been finally released because deployment to security agencies are based on the contracts that are executed and it’s been used strictly for that security purpose. So, the utilization of the account is with the full knowledge of the Governors.”

The slump in the ECA came as allocation to the federal, state and local governments increased by N121.624 billion while FAAC shared a total sum of N802.407 billion for June.

The sum of N680.783 billion was shared in the preceding month of May and N656, 602 in April.

However, the rise in June allocation was attributed to tremendous increases in Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), although oil and gas royalties declined marginally.

Nigeria relies on oil revenue to fund infrastructure and settle overheads, but it has struggled to benefit from surging crude prices due to pipeline vandalism and low production.

Last week, details emerged of how Nigeria’s debt servicing costs outpaced public revenue, raising fears of debt crises.

The International Monetary Fund (IMF) has in recent times advised Nigeria and other African countries currently experiencing high debt levels to take proactive measures to restructure their debts in order to avoid fiscal crises.

Expenditure Framework
Meanwhile, the Ministry of Finance, Budget and National Planning Wednesday presented a draft expenditure framework for the country, for the next three years.

Mrs Ahmed said the draft document is for 2023-2025, with an assumption crude oil price of $70 per barrel for 2023, $66 for 2024 and $62 for 2025. It also contained an estimated production rate of 1.69 million barrels per day for 2023 and 1.813 million barrels per day for 2024 and 2025.

She said: “The assumptions that we made for the next medium term framework from 2023 to 2025 is that crude oil price will be at $70 per barrel for 2023, $66 per barrel for 2024 and $62 per barrel for 2025.

“Crude oil production is projected to be 1.69million bpd for 2023 and 1.813million bpd for both 2024 as well as 2025.”

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Lawyer Begs Court For More Time To Produce Yahaya Bello, Says “We Don’t Know Where He Is”

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Abdulwahab Mohammed, lead counsel to Yahaya Bello, former Kogi governor, has asked a federal high court in Abuja to give him four weeks to search for his client.

Mohammed went on to say that it is still unclear where the former governor is.

Speaking before the court shortly after a decision that mandated Bello’s arrest, Mohammed expressed his serious fears about Bello’s safety.

“My lord, this has to do with his right to life. If someone has a genuine concern about his life, it ought to be considered,” the counsel submitted.

“At this stage, we don’t know where the defendant is. Therefore, subject to the convenience of this court, we will be asking for a reasonable time.

“My client does not have any problem answering to this charge. We ask for a reasonable time to enable us to access him.

“My lord, we will ask for four weeks.”

Mohammed also prayed the court to stay further proceedings in the criminal charge.

However, Emeka Nwite, presiding judge, refused to stay the proceedings.

“I am shocked to my bone marrow that despite the ruling, the senior lawyer made this application,” Nwite said.

“Notwithstanding this flagrant abuse of court process, in view of section 306 of the Administration of Criminal Justice Act (ACJA) 2015, this court shall not stay proceedings in this charge.”

Addressing the senior lawyer, the judge said: “You, as a counsel ought to advise him correctly. Is he the only former governor that has been invited or charged by the EFCC?”

“How many people have been killed by the EFCC? This is a matter that has attracted the attention of the whole world,” the judge stated.

“If he reports himself and anything untoward happens to him, the EFCC will be held accountable.

“The law is very clear that an accused is presumed innocent. This is merely a charge, an allegation that has not been proved.

“It is for you to advise him properly. Bring him here and prepare yourself. This is only an allegation that has not been proved.”

In his submission, Rotimi Oyedepo, counsel to the EFCC, said his client, as a law abiding organisation, would not take any illegal action against the defendant.

He noted that the agency earlier undertook not to execute the arrest warrant should the defendant voluntarily submit himself for trial.

Turning to the defence lawyer, Oyedepo said: “The EFCC will not kill your client. We have never killed anyone before.”

“But my lord, Adoke collapsed in their custody,” Bello’s lawyer retorted light-heartedly.

Nwite subsequently adjourned the matter till June 13 for arraignment.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

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JUST IN: Court Insists On Yahaya Bello’s Appearance Over Alleged N80.2b Fraud

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A Federal High Court in Abuja has insisted that its order made on April 17, for the arrest and production of ex-governor of Kogi state, Yahaya Bello still subsists.

Justice Emeka Nwite, in a ruling on Friday, May 10, held that Bello’s continued refusal to attend court and his frustration with the efforts of the Economic and Financial Crimes Commission (EFCC) to execute the arrest warrant were disrespectful of the court.

Justice Nwite held that the court would not entertain the applications filed by Bello unless he appeared in court and pleaded to a 19-count money laundering charge brought against him by the EFCC.

The judge also rejected the request by Bello’s lawyer, Abdulwahab Muhammed (SAN) that further proceedings in the case be stayed pending the determination of the appeal by the EFCC in relation to a contempt case before a High Court of Kogi state, sitting in Lokoja.

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Prince Harry, Wife Meghan Arrive In Nigeria To Promote The Invictus Games [PHOTOS]

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To support the Invictus Games, an initiative he launched to facilitate the rehabilitation of sick and injured service men and veterans, including Nigerian soldiers engaged in a 14-year fight against Islamic extremists, Prince Harry and his wife, Meghan, arrived in Nigeria on Friday morning.

The couple, who were invited by the Nigerian Armed Forces to visit West Africa for the first time, reportedly landed in Abuja early on Friday morning, according to Brigadier General Tukur Gusau, spokesman for the Ministry of Defence. In an effort to improve wellbeing and morale, they will meet with injured soldiers and their families while they are there.

This participation has been praised by Nigerian officials as a major chance for the soldiers’ recovery.

Prince Harry, who served in Afghanistan as an Apache helicopter copilot gunner, founded the Invictus Games in 2014 to provide wounded veterans and Service members with the challenge of competing in sports events similar to the Paralympics. Nigeria participated in last year’s edition of the games.

During their stay, the couple will attend basketball and volleyball matches and meet with local non-governmental organizations in Abuja and Lagos that receive their support.

Meghan will also co-host an event on women in leadership with Director General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, according to the couple’s spokesman Charlie Gipson.

The news of Meghan’s visit has generated excitement among Nigerians who closely follow her life and association with the British royal family.

The Nigerian military has emphasised the significance of the Invictus Games in aiding the recovery of thousands of personnel who have been fighting Boko Haram Islamic extremists and their factions since 2009.

According to the military’s sports director, Abidemi Marquis, “Eighty percent of our soldiers that have been involved in this recovery programme are getting better (and) their outlook on life is positive.

“The recovery programme has given them an opportunity to improve their personal self-esteem, to improve their mental health and emotional intelligence.”

 

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