Presidency Releases More Details on How $1bn Security Fund was Spent


The presidency yesterday released further details on how $1billion removed from the Excess Crude Account (ECA) for security in the country was spent.

The Senior Special Assistant to the President on Media and publicity, Garba Shehu, explained that N876.9 million has already been spent from the money domiciled at the Central Bank of Nigeria (CBN).

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 $1,000 million from ECA, which withdrawal was authorised by the National Economic Council (NEC).

“The record we have is that the Buhari’s 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 United States of America. They are due for delivery in 2020.

“Various other military procurements for critical equipment have been made. These are for the Nigerian Army and the Nigerian Navy, amounting to $380,513,958,71.

“These procurements include money for the purchase of Navy Lynx helicopters. Total amount spent so far is $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 that the entire expenditure involved in these exercises is on the basis of government-to-government procurement.

He added, “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 procurements under discussion.

“All $1,000 million was domiciled in the CBN 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 $1,000 million as missing. The NSA will not have said this.

“I’m 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 play the role of opposition parties must be careful about the reports they work with,” he said.