The Minister of Finance, budget and national planning, Zainab Ahmed, said President Muhammadu Buhari’s administration withdrew $35.6 million from the excess crude account for security.
Ahmed disclosed that the significant amount was withdrawn despite the administration not adding any fund in the last four years into the excess crude account, which was created in 2004.
Ripples Nigeria had previously reported that the administration deducted the $35.6 million in May, leaving a balance of $376,655.09. The money was spent on security despite the ECA serving as a bailout for the economy in dire times.
Ahmed revealed the purpose of the withdrawn funds on Wednesday, at the end of the federal executive council (FEC) meeting. She said the administration was unable to add to the Excess Crude Account due to the volatility in crude oil in recent years.
“The last approval that was given by the council was the withdrawal of $1 billion to enhance security. We have been utilising that — the last tranche of that has been finally released because deployment to security agencies is based on the contracts executed and it’s been used strictly for that security purpose.
“So, the utilisation of the account is with the full knowledge of the governors.”