•Say $250m Invested In Sovereign Wealth Fund
•Forensic Audit Of DISCOs Ongoing
Nigeria’s National Economic Council (NEC), chaired by Vice President Yemi Osinbajo, with governors of the 36 states, some key Ministers as members and the Central Bank of Nigeria governor, on Thursday, in Abuja debunked media reports that the Excess Crude Account (ECA) has been depleted.
Fielding questions from newsmen at the end of the NEC meeting for the month of February, the governors explained that the operation of the Account is conducted with their knowledge and due approvals at the NEC.
A statement by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, quoted Governor David Umahi of Ebonyi State as saying, on behalf of the council members: “So no money is missing.”
Instead, he explained that the drop in the ECA balance from US$325m in January to US$71m resulted from a fresh US$250m investment in the Nigerian Sovereign Investment Authority (NSIA), as approved by the Council at its meeting of November 21, 2019.
“The Authority is doing very well, they are handling infrastructure so nicely that the governors and the Federal Government are investing well. When the investment was made both the Federal Government, State Governments and Local Governments all get their investment certificates, so we are together in this,” he explained.
The other expenditure of US$4m, he continued, was the significantly reduced consultancy cost approved by the council, besides the US$250m million NSIA investment.
The statement put balances in the ECA at $71,813,941.84, while that of the Stabilization Account was reported at N34, 186,655,761.82, while the balance on the Natural Resources Account stands at the sum of N101,889,686,452.53.
Updating council on the ownership structure of Electricity Power Distribution Companies (DISCOs), the Council Committee set up for the purpose said it received responses from the public.
Already, forensic audits of the DISCOs, the committee noted, are being conducted already, requesting for additional time to complete the report, while urging state governments to provide details of their investments in the electricity companies.
At the meeting, the Minister of Health, Dr. Osagie Ehanire, made a presentation to the council on the Nigeria Centre for Disease Control on Lessa Fever.
He said “103 confirmed cases and 13 deaths reported from 18 States (Ondo, Ebonyi, Edo, Bauchi, Plateau, Benue, Enugu, Gombe, Kaduna, Kastina, Kogi, Sokoto, Taraba, Delta, Rivers, Adamawa, Nasarawa and Lagos). Of the confirmed cases 72% are from Edo, Ondo and Ebonyi states,” he added, noting, however, that there is a decline in the number of new cases in Benue.
On the efforts at addressing Lassa fever, the Health Minister said National Multi-Sectoral Emergency Operation Centre (EOC) has been activated while state Health EOCs are activated in affected states, adding “intensive sensitization of the public on safety measure needs to be carried out.”
Ehanire also assured of the country’s readiness to respond to the Coronavirus pandemic (COVID-19), saying multi-sectoral Coronavirus Preparedness Group has been established, 4 diagnostic testing facilities are ready at National Reference Laboratory in Abuja, LUTH in Lagos, Irrua in Edo State and Redeemer’s University in Osun State.
Council was also informed that Edo State is hosting the 20th National Sports Festival (NSF) from Sunday, March 22nd, 2020, while the new governor of Bayelsa State, Senator Duoye Diri was introduced and welcomed by the Council.
Photo caption: Prof. Osinbajo at the NEC meeting of February 27, 2020.
