The Senate Committee on Finance has demanded the identity of lawyer paid $4 million from the Excess Crude Account as a consultancy fee.
The Chairman of the committee, Adeola Olamilekan, made the demand on Tuesday at a session with the Accountant-General of the Federation, Idris Ahmed, on the dwindling status of the Excess Crude Account.
Past administrations have used funds from the ECA for fuel subsidy payments and distributed among the three tiers of government to augment revenue shortfalls. The last expenditure from the account was $250m investment in the Nigeria Sovereign Investment Authority, he said. Other expenditure was the payment of $4 million this year as professional fees to a lawyer that worked on the Paris Club funds.
“The inflows into the Excess Crude Account have been fluctuating due to the positive variance in the price of crude. The transfer into the account has witnessed downward trend in view of the low prices, particularly from year 2015 to date. Mr Ahmed also told the lawmakers that even though the federal government has begun implementation of the recurrent component of the 2020 budget, it was yet to release any amount out of the N340 billion it planned for the first quarter of the year.In the 2020 budget, N2.465 trillion was allocated for capital expenditure.
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