• Excess Crude Account hits $2.2bn – NEC
  • 27 states apply for N10bn bailout each

NnpcThe Federal Government has commenced probe of the Nigeria National Petroleum Corporation, NNPC; the Nigerian Maritime Administration and Safety Agency, MIMASA and the Nigerian Ports Authority, NPA among other revenue generating agencies for remitting dollar revenues in naira into government coffers.
This was revealed by the Governor of Cross River State, Prof Ben Ayade who briefed State House Correspondents after the monthly National Economic Council, NEC meeting at the State House yesterday.
Ayade said the NEC presided over by Vice President, Prof. Yemi Osinbajo was briefed by the Central Bank of Nigeria, CBN Governor, Godwin Emefiele on the discovery.
“A brief report on the FGN agencies remitting dollar revenues in naira into the Federation Account was also given by the CBN governor.
He said investigations are on-going; adding that, “such agencies include but not limited to NNPC, NIMASA and NPA.‬‬”
The affected agencies are already undergoing a separate probe instituted by NEC through its Governor, Adams Oshiomhole-led ad hoc committee on remittances by the agencies into the federation account, it was further learnt.
Quoting the briefing by the CBN boss, Governor Ayade also announced that the excess crude account had hit $2.2 billion as at October 15th.‬‬
Other governors at the briefing include Aminu Waziri Tambuwal (Sokoto), Darius Ishiaku (Taraba) and Olusegun Mimiko (Ondo).
On the provisional loans to states based on collateralisation of the excess crude account, the governors stated that the CBN boss told them that 27 states had made request for the N10 billion facility that was being processed.
They said the affected states had accordingly been advised to complete all necessary documentation to that effect.
“It should be recalled at this point in time that not all states have indicated interest on this ECA collaterised loan,” Ayade said.
On the refund of expenses incurred by state governments on behalf of the federal government, especially on roads maintenance, the governors said Osinbajo had assured them that states that had adhered to laid down rules in incurring such expenditure would soon be paid.

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