NEC sets up ad hoc committee to audit Ecological Fund

– Ecological Fund now N33.6bn as National Resource Fund hits N70.9bn

– Excess Crude Account now $2.2bn- Finance Minister
– Says ministry saves N27bn for FG

The National Economic Council (NEC) on Thursday set up a nine-member ad hoc committee to audit the ecological fund.

The NEC meeting was presided over by Vice President Yemi Osinbajo (SAN),

Disclosing the development at the end of the NEC meeting at the Presidential Villa Abuja, Anambra State Governor Willy Obiano said that the decision to set up the ad hoc committee was part of resolutions of the council.

Obiano also stated that the Accountant General of the Federation had told the council that as at March 31, 2017 the balance of the Natural Resource Fund was N70.9 billion while that of Ecological Fund was N33.6 billion.

He said,” Council decided that an audit of ecological fund be carried out. Ad hoc committee comprising Oyo, Borno, Imo, Kaduna, Anambra, Akwa Ibom, Benue and Ministers of Finance and Environment has been set up to do the audit and come up with recommendations on how the fund shall be managed.’’

The governor further disclosed that the essence of the action was to re-establish that the balance in the account was correct since it had stood on same amount for many months. According to him, the NEC also resolved that states and local governments should now keep their shares of the funds for interventions as the needs arose in their various jurisdictions.

Governor Obiano also said that the Minister of Finance, Mrs Kemi Adeosun, also gave an update on the disbursement of the Paris Club Fund refunds and preparations for the next round of payments to the states after the first disbursements.

He added that the minister disclosed that the Excess Crude Account had a balance of $2.2 billion as at April 26, 2017.

Regarding the operation of efficiency unit of the ministry, the governor said Adeosun reported that the unit had saved N17 billion for the Federal Government since it was established.

He further said that NEC urged states to also establish efficiency units in order to improve efficiency, reduce costs and block leakages in line with the fiscal sustainability plan.

Speaking on the issue of Paris Club Refund, Plateau State Governor Simon Lalong noted that the states were complaining about the delay in the release of the remainder.

He added that the fund had helped the states to pay salaries and for the country to come out of recession.

Lalong also thanked President Muhammadu Buhari for the timely disbursement, saying that the fund would be used not only for salaries but for projects completion.

The governor also disclosed that there were procedures to deal with states which failed to utilize the Paris Club money judiciously.

He further said that Osinbajo updated NEC on the progress in the implementation of the Social Intervention Programmes (SIPs) and on some impediments in the implementation by both the federal and state governments.

According to him, the NEC resolved to upgrade the states’ coordination units for the SIPs to the governors’ offices for better collaboration between the Federal and States’ governments.

Lalong also said that the Minister of Health, Prof Isaac Adewole, updated the Council on the outbreak of meningitis in the country, saying that the minister reported that there were 9,646 suspected cases in six states of Zamfara, Katsina, Sokoto, Niger, Kebbi and Kaduna with about 767 deaths as at April 25.

The governor said that the minister noted that about N46.7 billion was required for vaccination of the vulnerable population, saying that the NEC expressed concern over the ravaging effects of the outbreak and directed the Health Ministry to intensify its intervention efforts “to contain the embarrassing epidemic while advocating for increased funding for health’’.

Lalong also said that the health minister had requested for the establishment of a national health emergency fund to be domiciled in the presidency under the supervision of the NEC Chairman.

In his own comment, the National Security Adviser (NSA) Gen Babagana Monguno (rtd), said he also briefed NEC on the general security situation in the country.

The NSA said he gave detailed brief on the prevailing situation between cattle rustlers, herdsmen and farmers, particularly in Kaduna, Taraba and Benue states.

According to the NSA, security agencies had begun a nationwide crackdown against gunmen, cattle rustlers, armed militants and other militia groups in the country.

He also said that NEC resolved to hold extra ordinary session dedicated to security in the country.

He further disclosed that there was a consensus for security agencies to collaborate with the various states to deal with security issues.