Governors of the 36 states of the Federation have given permission to the Federal Government to utilise $1billion from Nigeria’s excess crude account to be used in the ongoing fight against Boko Haram insurgents in the North-east.
The decision was taken on Thursday during the Federal Executive Council (FEC) meeting, which was held inside the council chamber of the Presidential Villa, Abuja, and presided over by Vice-President Yemi Osinbajo.
The Governor of Edo State, Godwin Obaseki, who briefed State House correspondents after the meeting, said the approval was announced during the 83rd NEC meeting by the Chairman of Nigerian Governors’ Forum (NGF) and Governor of Zamfara State, Abdulaziz Yari.
Obaseki said governors of the 36 states of the Federation all approved the withdrawal of $1billion from the account by the Federal Government to tackle the activities of the terrorists in the disturbed region.
“The funds would be spent on the purchase of security equipment, procurement of intelligence and logistics, among others”, he said.
On his part, Gombe State Governor, Ibrahim Dankwambo, put the balance of the Excess Crude Account at $2.3billion as at December 13, 2017.
The excess crude account is the money above the benchmark price of oil in the international market saved for future expenses.