Amid depleting oil revenue and gloomy state of the economy, the Federal Government may have decided to disburse the Excess Crude Account, ECA fund believed to stand in the region of over $2 billion.
The decision, according to impeccable sources who confided in Nigerian Pilot at the weekend, is to enable the All Progressives Congress, APC government initiate and fund capital projects. The sources added that, Buhari’s cabinet scheduled for inauguration this Wednesday is facing imminent challenges of how to hit the ground running with road, health, educational and rural electrification projects among others waiting for attention.
The sources also alluded to the similar scenario in the 36 states of the federation, many of which are already going cap in hand looking for loans and bail-out funds from local and international sources.
Seaking on the imminence of availing the ECA fund at the weekend, Governor Peter Ayodele Fayose, stated on a radio/television programme: “Meet Your Governor” in Ado-Ekiti, that he would like to avail the state of about N10 billion from the fund.
The governor’s Chief Press Secretary, CPS, Mr Idowu Adelusi, said steps would be taken for the state governments to be able to embark or complete some capital projects.
“Nothing is no longer going into the Excess Crude Oil Account because oil is selling lower than the envisaged price in the international market. That has badly affected all of us. The 2015 Budget in Ekiti was predicated on oil selling at $65 a barrel, but it sells for over $40 now.
“That has left our budget performing only in the area of Recurrent Expenditure. You know that I call a spade a spade. Ekiti is expecting about N10 billion when the ECA fund is shared. When it comes, I will tell everybody. I don’t hide things.
“The capital projects that we have embarked upon since we came on board are being executed because we are prudent, transparent and open, and also because we are leveraging on goodwill with corporate bodies,” he said.
According to the governor, given the tough economic climate in the country, there was no way people could dodge paying taxes, rates and levies, adding that government would be crippled without finances.
He implored butchers to stop protesting the N1000 levy imposed on them on the slaughtering of a cow, warning that anybody caught killing cow in an unauthorized place would be fined N50,000.
“It was during my first tenure that we built the abattoir and the place is not maintained. We have to maintain the facility for hygienic purposes, provide where cattle are kept, provide water and yet they are complaining. The additional cost will be spread to others,” he stated.
On the reconstruction of Erekesan Market in Ado-Ekiti, the governor gave the assurance that owners of the former shops would be given top priority in the allocation of shops when the new market is built.
“We have done the accreditation of traders through the records with which we paid them compensation. So, there is no need to fear. We are going to build a five-star market with all the facilities expected in such a market.
“It is somebody that God will use to reform the society. What is important is the legacy I want to leave behind. We have paid compensation since June and we paid about N140 million. I am assuring the people of the state that we won’t leave uncompleted projects behind,” Fayose added.

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