Govt inherits $26.3m, £19,033m Abacha loot

THE ‎Federal Government yesterday announced a total of $26.3 million and £19,033 as money it inherited out of the proceeds recovered from the late General Sani Abacha.

The government also confirmed that the excess crude account (ECA) was $2.257 billion as at the end of November with additional $599.1 million as accrued interest.

The disclosures were made yesterday at the end of the 64th and final National Economic Council (NEC) meeting for the year which was chaired by Vice President Yemi Osinbajo at the State House, Abuja.

The NEC comprises state governors, Attorney-General of the Federation and Justice Minister, Central Bank of Nigeria (CBN) Governor, Ministries of National Planning; Finance and Federal Capital Territory (FCT).

On hand to brief State House correspondents were Governors Aminu Waziri Tambuwal of Sokoto, Darius Ishaku (Taraba) and Samuel Ortom (Benue) as well as the Minister of Budget and National Planning, Udoma Udo Udoma.

Ortom, while giving the breakdown of the recoveries said the balance of the Abacha loot as at last month stood at $26.389 million and £19.033, that the President Muhammadu Buhari administration which came on board in May this year had not touched the money.

On his part, the Taraba governor said Council was briefed on the reports of the excess crude proceeds by the Accountant General of the Federation who revealed that the ECA stood at $2.257 billion as at the end of last month.

He also reported a slight change against the previous balance with an interest of $ 599 137, 467 due for the account as accrued interest.

“We were also briefed on the report of the Federal Government agencies that are collecting revenue in foreign currency but remitting the monies in Naira equivalent into the federation account, which is not allowed. So, the Ministry of Finance is working on a comprehensive report on the affected agencies that will later be made known to the public,” he added.

Also speaking, Udoma said he made a presentation to Council on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

According to him, the reports highlighted government’s fiscal policy strategy and direction for the next three years, adding that his the ministry also briefed Council about government revenue and expenditure projections for the same period.