Friday, 26 May 2017

NEC orders audit of ECA over $100mdiscrepancy

The National Economic Council (NEC) has ordered the audit of the Excess Crude Account (ECA) following disparities in the figures presented by the Accountant General of the Federation, Ahmed Idris.Idris put the May figures at $2,300,389,201.52 against the $2.4 billion recorded in January, February and March respectively. But Minister of Finance, Kemi Adeosun, had in April told the council that the ECA stood at $2.2 billion.
Briefing State House correspondents on the ECA at the end of the meeting presided over by Acting President, Yemi Osinbajo,  Imo State Governor, Rochas Okorocha, said, “council reviewed several financial issues as they affect our nation. Council also reviewed the discrepancies in figures and we have said that the Accountant General will need to go to look at it and at the next meeting brief the council appropriately.” Okorocha also told newsmen that council received the good news of the commencement crude production at the Forcados terminal as this will also help the stabilisation of the economy and help the nation to get out of recession as quickly aspossible.“ 
As regards the loan support, otherwise called the budget support facility for states, which is supposed to come to an end by the end of this month, council was concerned about the fact that we are gradually coming out of recession and if this budgetary support ceases at the end of May, it might create some lapses in our bid to stabilise the economy. So council resolved that the budgetary support be extended to help states caught up in the economic challenges of the moment.“The good news is that we have been reliably informed that crude production at Forcados terminal will soon commence and this will in no small way help the  economy and the stabilisation of the economy and for us to get out of recessionas quickly as possible.” Okorocha briefed alongside the Kaduna State Governor, Nasir El-Rufai, and his Bauchi counterpart, Mohammed Abubakar.
Yesterday’s NEC meeting chaired by the Acting President, had in attendance the 36 state Governors, the Ministers of Finance, Budget and National Planning, the Central Bank Governor as well as other Ministers relevant to the point of their discussion.

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