A member of the House of Representatives, Hon. Doctor Farah Dagogo, has described as ‘ mind boggling’ statement by the Federal Government that the country’s excess crude account has depleted from $2.1 billion in 2015 to $60 million.
The lawmaker who represents Degema/ Bonny federal constituency wondered the justification on how such ‘humongous’ amount of money was expended while the masses in the country, especially the Niger Delta region where the revenue comes from, are in such a pitiable state.
Dagogo who stated this in a statement by his media aide, Ibrahim Lawal recalled that on Friday, Clem Agba, the minister of state for budget and national planning gave the update during the national economic council meeting at the State House in Abuja.
According to a statement by Laolu Akande, spokesperson to Vice-President Yemi Osinbajo, the Minister was quoted as saying : “Excess Crude Account (ECA) balance as at 13th October 2021 stands at $60, 857,773.43; Stabilisation Account, balance as at 13th October stands at N25,009,892,511.55; Development of Natural Resources Account balance as at 13th October 2021 stands at N56,144,024,000.71. ”
Speaking in Abuja, Hon. Farah Dagogo, said the depletion of the funds without anything tangible to show is ‘ unacceptable and abhorrent to people of good conscience’.
” Today in Nigeria, the cost of living has risen astronomically. We were in paradise in 2015 if we were to make a comparative analysis of what was applicable then and now as to what majority of the masses are facing and passing through daily. To feed a day in Nigeria is akin to the dromedary camel passing through the eyes of a needle. Yet, we hear mind boggling depletion of our common wealth with nothing tangible to show for it.
” For clarity, the purpose of the Excess Crude Account that was set up in 2004, which later metamorphosed to Sovereign Wealth Fund in 2011, has been clearly defeated. Has it three cardinal objectives; of supporting the budget in times of economic stress, including to hedge against volatile crude oil prices; to save for future generations of Nigerians; to invest in domestic infrastructure; being met? The answer is a capital NO and unacceptable to the people of my region, whom semantically speaking, are the Goose that laid the golden eggs that is being pilfered unhindered. I strongly believe that this daylight stealing and mismanagement should be a grave concern and abhorrent to people of good conscience,” he added.
