$1bn ECA balance is $123.11m, says Presidency

The Presidency on Monday gave additional details on how the controversial $1bn approved from the Excess Crude Account in 2017 to fund security operations was spent.

According to the Presidency, the unspent balance as of today is $123.11bn.

The Peoples Democratic Party on Sunday accused the Buhari administration of using his “agents” to siphon the $1bn into financing the 2019 general elections, as against using it to fund security operations.

In a statement by Kola Ologbodiyan, its national publicity secretary, the PDP cited a recent comment by the National Security Adviser, Maj Gen Babagana Monguno, who was quoted to have said he had no information on what happened to the $1bn.
But the Presidency attacked the PDP for speaking “rubbish” and suffering from “socio-emotional distress”.

In response, the Presidency gave a breakdown of how the money was used.

The electronic mail reply by Garba Shehu, the senior special assistant to the president on media and publicity, reads partly, “The record we have is that the Buhari administration paid $496,374,470 for a dozen Super Tucano fighter aircraft for the Air Force in a direct, government-to-government (no contractors or commissioned agents) transaction with the United States government. They are due for delivery in 2020.
“Other military procurement for critical equipment has been made. These are for the Nigerian Army and the Nigerian Navy, amounting to $380,513,958,71. The procurement include money for the purchase of Navy Lynx helicopters. Total amount spent so far, $876,888,428.71.

“The equipment paid for have due dates of delivery of between six months to two years.

“Balance of the money that is unspent as at today is $123,111,571.29.”

He added, “All USD 1,000 million was domiciled in the Central Bank of Nigeria and to date, not a single dollar of it has been transferred to the Ministry of Defence or any other ministry, agency of government, individuals or political party office as was the norm under the PDP administration.

“We note that the PDP made so much of a report claiming that the NSA had declared the entire amount of USD 1,000 million as missing.”

The Presidency doubted whether the NSA made the statement attributed to him.

Shehu stated, “The NSA will not have said this. Without approval of end-user certification as issued by his office, no arms can lawfully enter Nigeria.