Date Published: 05/0309

Dear Sir,

Sharing of the excess crude oil fund

Few weeks back, the three tiers of government in Nigeria shared US$1.5billion excess crude oil savings account fund as directed by the National Economic Council.

The media on April 15, 2009 was awash with the details of the sharing. Daily Independent had a shouting headline “Excess Crude: Bayelsa Gets $90m, Akwa Ibom $63m… As Three Tiers Share $1.5billion”. But in the body of the story, it reported that it was the Rivers State (not Bayelsa) that became richer by US$90million, while Akwa Ibom, Delta, and Bayelsa got US$63million, US$44million and US$40million respectively, etc.

The matter here is not which State got what but the pending brazen spending of the fund so issued out.  The State Governors and Chairmen of Local Governments are soon to be seen in unnecessary expenditures instead of appropriating same into profit yielding projects or in other words, projects that would impact on the electorate (or the masses) through participation of provision of necessary utilities. For sure, some of them have perfected how to pocket some of the funds through inflated project costs. 

One particular Governor has even canvassed the abolition of Excess Crude Oil Savings Account. In other words, moneys should be shared as they accrue as in the monthly FAAC allocations. Whereas the masses and some sincere Governors would like to see such savings account continued and not distributed but used for most pressing problems of the nation, like the electricity generation.

In any case, no matter how much the masses shout, most of the (few) leaders we have today would do things their own selfish way and until the reverse becomes the case, the nation would continue to suffer, and in darkness because the anti-graft agencies (EFCC, ICPC, and CCB) and few practicioners in the judicary are creations of the Executive arm of government; they do not carrying on their duties the right way.

Nse Archibong, 288 Ikwerre Road, Port Harcourt