[Headlines] -Excess Crude Account: ‘$30bn missing’ Governor Adams Oshiomhole of Edo State has accused the Federal Government of failing to account for about $30billion that accrued to Nigeria’s excess crude account in the last three years. Oshiomhole made the allegation when he received members of the Association of Energies from Edo South who paid him a courtesy call at Government House, in Benin. The governor said Nigeria’s budgets for the past three years have been based on the average of $77 and $79, while the average price of the country’s crude has been $108 per barrel, which gives an average surplus of $30 per barrel. “Ideally, we ought to be saving $36 per barrel on the 2.3 million barrel a day over the past three years and if you look at these numbers you will find that what we have in our excess crude oil account should be over $30billion but as we speak, we have barely $3 billon in our excess crude account,” he said. Oshiomphole also wondered why the Excess Crude Account is presently almost empty when proceeds from the account have not been shared for18 months now. “Over the past 18 months, we have not shared the excess crude account and yet, the account is empty. Sometimes we are told they have taken money from it to fund subsidies including subsidy on kerosene but your royal highnesses, there is nowhere in your various domains where kerosene is sold for N50. So in the name of subsidy, large sums of money are being stolen. Nigerians Vote Wisely
Posted on: Sun, 28 Dec 2014 07:58:20 +0000
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