
The Presidency has given further details on how it disbursed the $1 billion withdrawn from the Excess Crude Account (ECA) for security was spent.
It would be recalled that the People’s Democratic Party (PDP), on Sunday, July 21, asked President Muhammadu Buhari to explain the whereabouts of the $1bn (about N360bn) taken from the Excess Crude Account for security funding.
The party had alleged that the Buhari-led All Progressives Congress (APC) diverted certain funds meant for security to fund “2019 campaign activities of the APC while our troops languished in the (war) front.”
“The Peoples Democratic Party of Nigeria draws the attention of Nigerians to the shocking confession by the National Security Adviser, Gen. Babagana Mongunu (rtd), that he is not aware of the whereabouts or disbursement of the $1bn drawn from the Excess Crude Account by the Muhammadu Buhari Presidency in 2017 for security purposes.
“This confession by the NSA, who coordinates the security architecture of the nation, directly places a huge burden on President Buhari’s doorsteps over reported stealing and diversion of funds meant for security, while insurgency, banditry, killings and kidnapping fester in the land under his watch.
“This is especially as there are already allegations in the public space that certain funds meant for security were diverted for 2019 campaign activities of the All Progressives Congress, while our troops languished in the (war) front.
“Our party had always alerted Nigerians that the APC administration was insincere in the handling of the ECA fund, leading to our demand in 2017 for the National Assembly to investigate the handling of the $1bn,” said the PDP on its verified Twitter handle @OfficialPDPNig on Sunday.
The senior special assistant on media and publicity, Mr. Garba Shehu, who released snippets of the spending immediately after the PDP issued the statement, followed it up with details of how the contentious fund was disbursed.
He said the N876.9m already spent from the money was domiciled at the Central Bank of Nigeria.
According to him, a balance of $123,111,571.29 has remained unspent at the CBN.
“Here is as much detail as we can provide at this time concerning the $1bn from Excess Crude Account whose withdrawal was authorised 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 U.S. 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 included 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 the entire expenditure involved in these exercises was on the basis of government-to-government procurement.
“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 procurement under discussion.
“All $1bn 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 $1bn as missing.
“The NSA will not have said this. I am sure he has 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.