A Review of the Nigerian Energy Industry

Govt to share $2bn oil money from ECA

22 March 2013, Sweetcrude, Abuja – The National Economic Council has approved the sharing of between $1billion and $2billion from the excess crude account amongst the federal, state and local governments.

Godswill Akpabio, governor of Akwa Ibom State, who disclosed this to state House Correspondents at the end of the National Economic Council meeting at State House, Abuja, said the money was to facilitate various development projects being executed by the different tiers of government across the country.

“An update on the status of the Excess Crude Account was presented by the Alh. Yerima Ngama, minister of State for Finance, who showed that $7.82b was left in the account, after the sharing of between $1b and $2B by the three tiers of government earlier in the year and payment of fuel subsidy commitments.” Akpabio said.

Akpabio, who was flanked by Governors Ibrahim Shema of Katsina State; Ibrahim Dankwambo of Gombe State as well as Ministers of National Planning, Shamsudeen Usman, and Power, said President Goodluck Jonathan also briefed the council on the progress being made in the power sector, stating that many of the NIPPs will become active and functional by December 2013.

On the provision of Broad Band Infrastructure by telecoms companies in the country, Governor Dankwambo said NEC gave its blessing to the recommendations of Gombe State governor, Alhaji Ibrahim Dankwambo-led, Sub Committee, which reviewed a recent presentation by the Minister of Information Technology, Mrs. Mobolaji Johnson, on a proposed, improved, broadband roadmap for the country.

He said telecoms service providers were expected to partner with the federal and state governments to ensure proper harmonization and integration of development projects with ICT infrastructure in the country.

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