‘Intervention fund approved by PMB is not from the Excess Crude Account’, says Presidency

The Presidency has said that the N804.7 billion intervention fund approved by President Muhammadu Buhari is not from the Excess Crude Account (ECA).

In a statement on Tuesday by the Special Adviser to the President, Media and Publicity, Femi Adesina, he said the reports making rounds are incorrect.
He added that it became imperative to clarify the issue following reports in sections of the media that funds will be drawn from the ECA for the relief package approved by Buhari for states and local governments.

The measures approved by Buhari to deal with the problem of unpaid public sector salaries in many states are as follows:

“The sharing of the $2.1 Billion dividend paid to the Federation Account by the Nigeria Liquefied Natural Gas Company (NLNG). A Central Bank-packaged special intervention fund that will offer financing to the states, ranging from N250 billion to N300 billion. This will be a soft loan available to states for the purpose of paying backlog of salaries.

“Also a debt relief program designed by the Debt Management Office which will help states restructure their commercial loans currently put at over N660 Billion, and extend the life span of such loans while reducing their debt-servicing expenditures. The measures approved by President Buhari definitely do not include drawing down the remaining balance in the Excess Crude Account or the “liquidation” of the account as some media outlets have wrongly reported,” Adesina said.

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