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$1bn Excess Crude Fund: We’ve spent $880m to procure Arms – Presidency

…Says FG procures 12 Super Tucano Jets, others ….Promises to provide more details

Presidency on Sunday offered official explanation on how it expended the one billion United States Dollars withdrawn from the Excess Crude Account approved by the National Economic Council NEC on 14th December, 2017

Presidency provided the explanations on Sunday in reaction to accusations by the main opposition Peoples Democratic Party PDP which claimed that “the funds drawn from the excess crude oil account was spent by Buhari on 2019 elections”

Edo State Governor, Godwin Obaseki, had, while briefing journalists at the Presidential Villa on Thursday 14, 2017, announced that the National Economic Council, NEC, approved One Billion US Dollars, to be taken from the Excess Crude Account, to enable President Muhammadu Buhari fight the Boko Haram insurgency in the North-East.

According to him, “The governors of Nigeria through their chairman announced at the NEC meeting that the governors had given permission to the Federal Government to spend the sum of US$1 billion in the fight against insurgency”.

The Governor had while providing a detailed breakdown of how the fund will be applied, stated that “We expect that the amount will include but not  limited to the purchase of equipment, procuring intelligence, logistics and all that is required to ensure that we finally put to an end the scourge of insurgency.”

Bu the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, while reacting to the PDP accusation on Sunday, said the “is under a socioemotional distress.”

“They think that all governs in the world run on the basis of freewheeling looting as they did their own.

Explaining how the money has been spent, Shehu stated that “ It’s on record that the Buhari administration paid about USD 490 million for a dozen Super Tucano fighter aircraft in a direct, government-to-government (no Contractors or Commission Agents) transaction with government of the United State.

He also announced that various other military procurements have been made. Balance of expenditure stands at about USD 880 million or so.

“Barring considerations of national security, the details of the stage of implementation, the procurements made and the suppliers will be obtained and if your story can wait until tomorrowMonday, a work day, we can give you more or all of the details.

“The PDP spent Defence procurement funds on their failed 2015 political campaigns as proven in court.

“That is not to say every succeeding government, more so one led by a Buhari will do the same.

Prior to this explanation, the issue had generated several controversies as even the Governors said they had no knowledge of how the fund was spent.

Even the National Security Adviser, Babagana Monguno had while briefing  Stare House Correspondents recently also denied knowledge of how the money was used.