The National Economic Council (NEC) has set up a committee to
immediately investigate a shortfall of N3.5 trillion in remittance by
the Nigerian National Petroleum Corporation (NNPC) into the Federation
Account since 2012.
The council, which has the 36 state governors and the
Governor of Central Bank of Nigeria as members, is saddled with the
responsibility of advising the President on economic affairs of the
This was disclosed at a briefing at the State House on Monday attended
by Vice President Yemi Osinbajo, Edo State Governor, Adams Oshiomhole,
and his counterparts from Kaduna, Zamfara and Akwa Ibom
States.Oshiomhole stated that the council will also look at the Excess
Crude Account and report back on the rationale to which it would
continue or discontinue operation.
between what former Finance Minister, Ngozi Okonjo Iweala, declared as
the balance in the Excess Crude Account and what this administration met
in the account.
Oshiomhole stated that while Okonjo-Iweala, had claimed that the past
administration left 4.1 billion dollars in the account, only 2.0 billion
US dollars was found in it by the owners of the account- the three
tiers of the government.
The governor said it had become necessary to look into the account to
see who authorized withdrawals from the account and what had
necessitated such withdrawals.
Members of the committee to be chaired by Osinbajo include Governors
Nasir El-rufai (Kaduna), Adams Oshiomhole (Edo), Emmanuel Udom (Akwa
Ibom) and Ibrahim Dankwabo (Gombe).
The committee is expected to report back to the council at its next meeting on the 23rd of July.