Senate questions ECA on $4m payment to lawyer

The Senate on Tuesday asked the Accountant General of the Federation, Ahmed Idris, to supply details of the lawyer who was paid $4m from the already depleted excess crude account.

The accountant general was in the red chamber to explain the Federal Government’s achievements so far on the revenue projection for 2020. He was also expected to give reasons for the depletion in the ECA.

Idris said the country currently had $71.8m in the ECA from $2.2bn which the administration of the President, Major General Muhammadu Buhari (retd.), inherited from the former President Goodluck Jonathan administration in 2015.

The money in the ECA, according to Idris, rose to $2.6bn in 2016 and reduced to $2.4bn in 2017.

He added that the money was further depleted in 2018 to $631.4m; $324.9m in 2019 and reduced drastically to $71.8m.

He said the sum of $254m was paid out this year from the $324.96m balance carried over from 2019.

He explained that $250m was invested in the Nigeria Sovereign Investment Authority while a lawyer got $4m.

Idris, however, drew the anger of the Senate Committee on Finance led by the Chairman, Solomon Adeola, when he failed to supply details of the lawyer who was paid $4m as professional fee.

Adeola directed Idris to furnish the panel with details of the beneficiary and what he did to qualify for the amount.

The accountant general pledged to supply details of the information demanded to the committee before the end of the week.

According to Idris, the ECA is an escrow account set up by the Federal Government and into which the difference between the benchmark price of crude and the actual sale price thereof in the world market is paid.

Punch