Home Economy FG, States, LGs to share another $1bn from excess crude account in April – NEC

FG, States, LGs to share another $1bn from excess crude account in April – NEC

by Business News Report

The National Economic Council (NEC) has approved disbursement of additional one billion dollars from the Excess Crude Account (ECA) to the three tiers of government. Gov. Godwills Akpabio of Akwa Ibom, who disclosed this while briefing State House correspondents on the outcome of the monthly NEC meeting in Abuja, said the amount would be disbursed to the beneficiaries in April.

Earlier in the year, the three tiers of government withdrew and shared one billion dollars from the same account, leaving a balance of $7.82 billion from a balance of nine billion dollars left in the account.
Akpabio, however, said that the one billion dollars to be shared in April would facilitate the execution of various development projects by the different tiers of government in the country.

“And, we also discussed the issue of Excess Crude Account and we were briefed that as at March this year we have a total of about $7.8 billion dollars in the Excess Crude Account. The amount would have been more than that based on the fact that we had shared $1 billion dollars earlier in the year. So, we expect that by the end of the month and probably by April, the amount would have increased significantly

“And then, efforts would also be made to cushion the effect of cash crunch of the state and local governments by sharing of about between one and two billion dollars by next two weeks, I think that was the agreement, between one and two billion dollars.”
Also addressing the correspondents on the outcome of the NEC meeting, Gov. Ibrahim Dankwambo of Gombe State said the Council approved the recommendations of the Dankwambo-led sub-committee, which reviewed a recent presentation by the Minister of Communication Technology, Mrs Omobolaji Johnson, on the proposed broadband road map for the country. Dankwambo said the recommendations were meant to provide the requisite stimulus for accelerated ICT infrastructure roll out across the country.
He said the committee recommendations included the removal of identified impediments such as multiple levies, charges and illegal taxes, harmonisation of right of way processes and administration between the states and the Federal Ministry of Works’ guidelines for granting of such.
Dankwambo listed offer of additional commitment to host communities and states with respect to right of way granted by operators and the implementation of standardised fees payable in respect of agreed list of levies and charges as among other recommendations.” He said that the minister had given insights as to the “effect that telecoms service providers should partner with the federal and state governments to ensure proper harmonisation and integration of development projects with ICT infrastructure in the country.”
On multiple taxation, Dankwambo said that the council considered a report on the review of multiple taxation across the federation and its effects on the Nigerian economy.

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