Governors upset by Excess Crude Account depletion
GOVERNORS are worried about the depletion of the Excess Crude Account and the resurgence of insecurity especially the upsurge of Boko Haram attacks, it was learnt at the weekend.
In the last two weeks, Boko Haram insurgents have renewed attacks on parts of the Northeast —Borno, Yobe and Adamawa states. “The governors have been very careful in their position on the continuous stay in office of Service Chiefs but said “the reality is that things are not working”. “We will expect the Federal Government to lay the cards on the table at the NEC session. There is no way the Federal Government can withdraw from ECA without the permission of stakeholders, especially states.
It was gathered that the Federal Government “has been slowing down” in its approach to the new formula because of cash crunch. In March 2004, the then Minister of Finance, Dr. Ngozi Okonjo-Iweala, issued a letter modifying that the Executive Order had increased states allocation to 26.72% and reduced Federal Government’s share to 52.68%.
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