Home > BOKO HARAM > Reps orders audit of Excess Crude Account over $1bn insurgency fund

Reps orders audit of Excess Crude Account over $1bn insurgency fund


The House of Representatives Thursday directed its Committee on Finance to investigate the current value of the Excess Crude Account (ECA) and to among other things, determine if the federal government’s share had been tampered with following the recent approval of the National Executive Council (NEC) to draw $1 billion from the account to enable state governments fight the Boko Haram insurgency, THISDAY reports.

It mandated the committee to conclude its investigation and report back to the House within four weeks. The resolution followed a motion sponsored by Hon. Kenneth Chikere (PDP, Rivers) on the need to deduct 13 per cent derivation from the $1 billion approved by the National Economic Council to fight the Boko Haram insurgency. But while some lawmakers welcomed the prayers of the motion, others called for restraint.

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Essentially, as the debate progressed, it became evident that there were no clear positions on whether it was the federal government or states share of the monies in the ECA that was actually tampered with, otherwise the National Assembly would have no justification to interfere in issues relating how state governments choose to disburse and spend their own share of the account.

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