By ABDULLATEEF SALAU

The Accountant General of the Federation (AGF), Ahmed Idris, on Tuesday, explained how the $325 million in the Excess Crude Account (ECA) was depleted to $71.8 million as of March 2, 2020.

Speaking at an interactive session with members of the Senate Committee on Finance, Idris said the balance in the ECA stood at $325 million as of the end of 2019.

He explained that the National Economic Council (NEC) agreed to invest $250million in Nigeria Sovereign Investment Authority (NSIA) adding that $4million was paid as professional fee to an unknown lawyer.

However, his failure to provide the identity of the lawyer angered the panel. The committee chairman, Senator Adeola Olamilekan, therefore, asked the AGF to furnish them with the details of the lawyer.

The AGF, in his response, promised to provide them the details of the lawyer soon. The summary analysis of the Excess Crude Account showed that in 2015, the total inflow was $2.35 billion while outflow was $93.6 million. The inflow increased to $3.68 billion in 2016 and the outflow was $1.06 billion. In 2017, the inflow into excess crude account reduced to $3.38 billion and the outflow was $931.5 million.

The inflow jumped to $3.5 billion in 2018, while outflow was $2.8 billion. In 2019, the inflow dropped to $1.01billion and the outflow $685 million. Idris said the inflows into the Excess Crude Account have been fluctuating due to the positive and negative variances in the price of crude oil.

“The transfer into the account has witnessed downward trend in view of the low oil prices, particularly from year 2015 to date.

“The highest excess inflow of the sum of $17.344 billion was recorded in 2008 while the lowest excess inflow of the sum of $0.276 million was recorded in 2015. “The weighted average price in 2008 and 2015 was $103.67 and $39.04 respectively. The balance in the ECA as at 2nd March, 2020 is $71.8 million,” the AGF said. The Accountant General also told the lawmakers that the federal government is yet to release single kobo for the Capital Projects in 2020. The federal government had, in the 2020 budget signed by President Muhammadu Buhari, proposed N2.465 trillion for capital expenditure. He however said that N493 billion has been released for personnel cost; N59.77 billion released for consolidated pension; N46.6 billion for overhead cost while only N20.76 billion for capital supplementation. According to him, Personnel Cost – N493 billion (16.5%); Consolidated Pension – N59.77billion; overheads – N46.65 (9.5%); Capital Supplementation – N20.76billion. But when the Committee probed further, he said that N340 billion would be released on first quarter which will be first tranche for Capital Projects. (Daily Trust)