Presidency releases more details on $1billion excess crude fund

The Presidency on Monday released further details on how
$1billion removed from the excess crude account for security was
spent.

The Senior Special Assistant on Media and publicity, Garba
Shehu, on Monday explained the N876.9million already spent from the
money domiciled at the Central Bank of Nigeria.

According to him, a balance of $123,111,571.29 has remained
unspent at the CBN.

He said “Here is as much detail as we can provide at this time
concerning the USD 1,000 Million from Excess Crude Account which
withdrawal was authorized by the National Economic Council.

“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
Commission Agents) transaction with the government of the United
States of America. They are due for delivery in 2020.

“Various other military procurement for critical equipment have
been made. These are for the Nigerian Army and the Nigerian Navy,
amounting to $380, 513, 958, 71.

“These 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 said that the entire expenditure involved in these exercises
is on the basis of government-to-government procurement.

He added “In cases where the Nigerian government dealt with
equipment manufacturers, their home governments have in all cases
given guarantees to the federal government.

“Again, it is important to stress that no contractors or
commission agents have been involved in the procurements under
discussion.

“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
National Security Adviser, NSA had declared the entire amount of
USD 1,000 million as missing. The NSA will not have said this.

“I’m sure have the correct story to tell. Without approval of
end-user certification as issued by his office, no arms can
lawfully enter Nigeria.

“In these days of fake news, citizens including political
parties pretending to the role opposition parties must be careful
about the reports they work with,” he said.

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