Lagos – The plan to spend a billion of oil money to fight the Boko Haram group was rejected by the Nigeria’s opposition.
Godwin Obaseki, the governor of the South state Edo, told the press that last week that the federal government has been given the go ahead on their plan to withdraw cash from the country’s Excess Crude Account (ECA).
This account is jointly owned by the federal government, local government as well as 36 states. It is a ‘buffer’ account that is meant for crude oil revenue.
The country’s largest crude exporter, exports around 2 million barrel daily, but this depends on 70% of government revenue and 90% of foreign exchange earnings.
“We are pleased with the federal government achievements in the insurgency war and in that vein, state governors have approved that the sum of $1 billion be taken from the excess crude account by the federal government to fight the insurgency war to its conclusion,” Obaseki said.
Members of the opposition party People’s Democratic Party (PDP) has accused the ruling party of withdrawing the cash with the aim to use for President Muhammadu Buhari’s re-election in 2019.