Presidential relief package not drawn from Excess Crude Account, says FG
President Muhammadu Buhari
The Presidency on Tuesday denied that the fund for the relief package meant for sharing among states and local councils was drawn from the Excess Crude Account (ECA).
Special adviser to the President on Media and Publicity, Femi Adesina, said in a statement that the relief package was from funded partly from the “dividend paid to the Federation Account by the Nigeria Liquefied Natural Gas Company (NLNG).”
Adesina explained that the Central Bank would also provide intervention fund “that will offer financing to the states, ranging from N250 Billion to N300 Billion. This will be a soft loan available to states for the purposes of paying backlog of salaries.”
Also included relief package according to Adesian was “a debt relief programme designed by the Debt Management Office, which will help states restructure their commercial loans currently put at over N660 Billion, and extend the life span of such loans while reducing their debt-servicing expenditures.”
The presidential spokesman said that at no time did President Buhari approved drawing funds for the relief package from the remaining balance in the Excess Crude Account or “the “liquidation” of the account as some media outlets have wrongly reported.”
“No such decision has been taken or approved by President Buhari, and last week’s meeting of the National Economic Council clearly concluded that the Excess Crude Account should be left untouched at this time,” Adesina said.
Related
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
8 Comments
Shame on our rumour based media.
What the PDP is saying is simple. Based on their corrupt MO and how much they have stolen they don’t believe Nigeria could have raised this money to loan the states without raiding ECA. When you have a group of empty robbers of unborn children, they are entitled to not seeing what is possunless from good governance.
APC goofed no matter d source of fund. That d party spokes man said the fund is from liquidation of ECA and the presidency comes to say it is not shows there is no synergy in their structure and communication. That is d point PDP is making. And by d way LNG paid $1.7b but FG is sharing $2b+ so did they print more bank notes? The loan by CBN is not part of d money to be shared. APC should get their acts right. They said treasury was empty. And FARC has shared May earnings while they have not met to share June earning so where is this bail out fund From. Did they excavate the treasury DPC?
APC never admits they are wrong. They just find deceitful words to cover their hubris. Their strength is in deceit; propaganda. Their CHANGE agenda is for Nigeria to be…CHANGED to crap like them. some of them like El Rufai are a different good breed of Nigerians. But most of the rest are crap.
We don’t even know who is honest among them. Nigerians have entered hot oil..!!!…Wahala…Kai…Osanobua…Hmmmmnnn.
so we are bailing out the states, what conditions did we put on all this relief and loans being given to them. is there an measures to ensure that they pay the salaries, or are we just allow the state governor to loot the money yet again. there needs to be condition, there needs to planning on projects, projects that would provide some kind of return on investment.
I thought the treasury was empty!
Yes, but the country still makes money in the international oil market sir.
Does it really matter where they source the money, just pay the workers so they can provide basic needs for their families!
We will review and take appropriate action.