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Group absolves NNPC from trending Excess Crude Account report

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Feb. 21, 2020

The PMB Oil & Gas Support Group has reacted to a trending Excess Crude Account (ECA) report and warned those it described as “mischief-makers” to stop misleading Nigerians.
In a media statement, the leader of the Group, Mohammed S. Abdullahi took exception to the “recently concocted information going round the social media space with figures purportedly dating back to 2015, showing alleged decline in ECA revenues.”
The group said the idea of bringing forth such figures at this point was a calculated mischief aiming to rope in the NNPC in the mix, while also ridiculing the giant strides of President Muhammadu Buhari in the oil and gas sectors.
“While we wonder why these figures are being bandied, it is an undisputable fact that the Excess Crude Account (ECA) is not an NNPC account. ECA is domiciled in the office of the Accountant-General of the Federation.
“Significantly, ECA was not designed to hold any cash. Nigerians need to note these two facts as basis for ignoring the mischief-makers bandying these figures and desperately trying to tie them to either the NNPC or President Muhammadu Buhari, just to score cheap points or gain public attention,” the Group explained.
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