The state governors, in consultations with the national economic council (NEC), are aware of withdrawals from the excess crude account (ECA), according to the minister of finance, budget, and national planning, Zainab Ahmed.
The minister disclosed this on Wednesday at the end of the federal executive council (FEC) meeting presided over by President Muhammadu Buhari.
She said the governors, who are joint owners of the accounts, were aware of the withdrawals.
The minister explained that the account has had no accruals in the last four years because of the volatility of the commodity in the international market, adding that withdrawals have always been in consultations with NEC.
“The last approval that was given by the council was the withdrawal of $1 billion to enhance security,” she said.
“We have been utilising that — the last tranche of that has been finally released because deployment to security agencies is based on the contracts executed and it’s been used strictly for that security purpose.
“So, the utilisation of the account is with the full knowledge of the governors.”
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