Excess Crude: Govs To Share N314bn …Canvass $10bn Target

The 36 state governors have, again, approved the sharing of another $2 billion (about N314billion) among the three tiers of government, Governor Godswil Akpabio of Akwa Ibom State has announced.

It is to be released from the Excess Crude Account.

Briefing newsmen after the 49th meeting of the National Economic Council, which comprises the 36 state governors and chaired by Vice President Namadi Sambo, Akpabio said the money would assist in the completion of developmental projects being executed by states across the country.

In January this year, the governors also succeeded in getting presidential approval for the sharing of $1 billion from the same ECA.

They had put pressure on President Goodluck Jonathan in December 2012 to release the said amount.

According to Akpabio: “Council received an update on the status of the Excess Crude Account from the Minister of State for Finance, Alhaji Yerima Ngama.”

Akpabio said the update showed “that $7.82 billion was left in the account, after the sharing of $1 billion by the three tiers of government earlier in the year and payment of fuel subsidy commitments.”

Council, he said, was also told about “plan to share between $1 billion and $2 billion next month to facilitate various development projects being executed by the different tiers of government across the country.”

Also speaking, Governor Ibrahim Dakwambo of Gombe said NEC gave its blessing to the recommendations of a Sub Committee he headed to review a recent presentation by the Minister of Information Technology, Mobolaji Johnson, on a proposed improved, broadband roadmap for the country, to the effect that telecoms service providers should partner with the Federal Government and state sovernments, to ensure proper harmonization and integration of development projects with ICT infrastructure in the country.

Another issue that came up for deliberation was multiple taxation and its effects on the Nigerian economy.

Council considered a report presented by Dakwambo, who heads a Technical Committee on the review of multiple taxation.

The key recommendations include: Review and amendment of the Taxes and Levies; outlawing of the use of unorthodox means to collect taxes and levies; automation of tax operations by relevant tax authorities to eliminate leakages and ensure ease of collection.

Others are that tax authorities must respect the provisions of the law on the use of consultants for tax assessment and collection and to publish the approved list of taxes and levies within the states and local governments to educate the public and facilitate compliance.

The Council adopted the recommendations and mandated the National Planning Commission to work with the proposed committee to work out a blueprint for implementation.

In a related development, Governors of the 36 states of the federation have told the President, Dr. Goodluck Ebele Jonathan, to increase the funds available to all tiers of government from the Excess Crude Account to $10 billion.

At present, the account is funded with $5.3 billion.

The governors, after a meeting of the National Economic Council, presided over by the Vice President, Architect Namadi Sambo, on Monday, said the boosting of the Excess Crude Account will be a buffer for the economy.

The Governor of Rivers and Chairman of the Governors Forum, Hon. Rotimi Amaechi, who briefed the press, said that the increase would help provide a buffer for the economy for at least three months.

Amaechi said the meeting also resolved to support Jonathan in the process of the appointment of members of the Board of Directors of the Sovereign Wealth Fund.

He told the media: “The C.

The funds, meant for development projects, is only accessible upon fulfillment of specified conditions, including funds and bank guarantee bond.

Council, therefore, enjoined states and local government areas to take maximum advantage of the fund by meeting the set conditions so as to access as much as N500 million per state.

The Minister of Water Resources presented the report of the Inter-Ministerial inspection of the Federal Government water projects numbering about 111 and spread across the country.

The report stated that a whopping N191.7 billion is required to complete the projects.

After consideration, Council stressed the need for all ongoing projects to be completed to achieve meaningful development.

Governors resolved to partner with the Federal Government to ensure completion of all water projects and to collaborate in the budgetary processes of some strategic ministries such as health, water resources, education and works to promote synergy in projects implementation.

Former Governor of old Rivers State, King Alfred Diete-Spiff (right), with Leader, Rivers State House of Assembly, Hon Chidi Lloyd, at a peace summit organised by Rotary Club of GRA and Rotary Club of Trans-Amadi in partnership with the House, in Port Harcourt, last Tuesday.