FG Remains Silent over Non-release of $1bn Insurgency Fund

Relevant ministries and agencies of government are keeping mum on whether or not the $1 billion approved by President Muhammadu Buhari and the National Economic Council (NEC) has been withdrawn from the Excess Crude Account (ECA) to procure military hardware for the fight against insurgency in the North-east and other security challenges across the country.

The Nigerian Army disclosed on Sunday that it was yet to secure the release of the money amid heightened threats of Boko Haram insurgency in recent times, leading to the killings of several soldiers after their bases came under attacks.

The Office of the Accountant General of the Federation (AGF) as well as the Central Bank of Nigeria (CBN) appeared to have taken Nigerians for granted by their refusal to shed light on the reasons behind the continued delay in the release of the funds.

While a source in the office of the AGF, who spoke on condition of anonymity said the issue was strictly between the AGF and the president, the CBN considered the issue as too sensitive to delve into.

CBN sources maintained that financial transactions involving the apex bank and its partners are often held in trust and will usually not be divulge to the public - even if it's in possession of such information.

The source said the CBN owed it a duty to its business partners to preserve information which are given on trust, adding that even the CBN governor would not unilaterally disclose details of financial deals especially as it relates to security.

Efforts to get officials of the Ministry of Finance to speak on status of the fund also did not yield dividend.

The Media Assistant to the Minister of Finance, Paul Ella Abechi told THISDAY that himself and the Director (Information), Hassan Dodo had received several inquiries from over 11 media houses on the subject-matter, adding that the Minister of Finance, Mrs. Zainab Ahmed travelled

Abechi stated that both of them were making efforts to source for the required information from any and make available to journalists as soon as possible.

However, as at the time of going to press, no information was available.

The Nigerian army had last  Sunday  said it was yet to get  the $1 billion approved to fight insurgency and other security challenges in the country.

Their reaction followed the  outrage that greeted the recent attacks on a military battalion in Metele, Borno State where scores of troops were killed.

President Muhammadu Buhari had last December directed that the sum of $1 billion should be withdrawn from  the Excess Crude Account (ECA) for the fight against insurgency.

This was followed by separate approvals by the National Economic Council (NEC) as well as the Federal Executive Council (FEC).

Until the Metele attacks, the general belief was that military authorities had deployed the money into procuring the needed equipment to combat insurgency in the North-east as well as other security challenges across the country.

But the Director, Army Public Relations, Brig. Gen. Sani Usman on Sunday told a bewildered nation that  the Defence Ministry had been working towards receiving the money from the government.

Following that disclosure, relevant ministries and agencies of government are not in a hurry to explain whether the money has been released on not.
However, as at January 2018, the balance in the ECA stood at $2.32 billion, but it came down to $1,918,509,918.86 as at July 16, 2018, and rose to over $2.09 billion as at Octoberr 16.