FG says it spent Excess Crude Account funds on Super Tucano jets, military equipment

Funds in the Excess Crude Account (ECA) were taken to buy the Super Tucano Jets and other military equipment, the Minister of Finance, Mrs. Zainab Ahmed, has explained.

There have been concerns about the depletion of the ECA, following the disclosure, last week, that it was depleted from over $2 billion to about $631.5 million within one month.

Addressing the press, in Abuja, this morning, Mrs. Ahmed disclosed that the withdrawal of the approved $1. B for the military to fight insurgency, in addition to the Paris Club Refund to state governments were responsible for the sudden reduction in the account.

Source: Vanguard

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...