Nigeria’s Excess Crude Account (ECA) has been drastically depleted under President Muhammadu Buhari’s administration, falling from over N872,844,000 ($2 billion) left by former President Goodluck Jonathan in 2015 to N156,552,884 ($376,655). This was disclosed in a communiqué released following the Federal Account Allocation Committee (FAAC) meeting for July 2022, held in Abuja on Tuesday: however, it did not provide an explanation for the sharp decrease in the ECA funds. The ECA fell as Federal, State, and local government allocations increased by N121.624 billion in June, while FAAC shared a total…
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Insecurity: “Where’s the ammunition bought with $1bn withdrawn from ECA?” – Wike to FG
The Rivers State governor, Nyesom Wike, has called on the Federal Government to account for the $1 billion taken from the excess crude account (ECA) to purchase am ammunition for the military. Recall that the National Economic Council, (NEC), in 2017 approved the withdrawal of $1 billion from the ECA to fight insurgency in the North-East. Following strict criticisms from the public and civil society groups, the Presidency later released details of how the money was spent. Commenting on the declining security situation in the country, Wike said it calls…
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