Nigeria plans to invest $1 billion from its excess crude account savings to fight terrorism in the North East after the insurgents renewed its attack on military formations and some villages in Borno state.
Nigeria set aside earning from crude oil export above its benchmark rate in an escrow account as a saving to cushion the impact of any shock in global oil.price.
The balance in the account, according to government stood at $2.3 billion to date
At the end of its National Economic Council Meeting in Abuja, Godwin Obaseki governor of Edo State said.
Obaseki disclosed that the governors of the country's 36 states have collectively agreed that the federal government withdraws the $1 billion from the savings from crude oil to prosecute the war against the Boko Haram.
“We are pleased with the federal government achievements in the insurgency war and in that vein state governors have approved that the sum of $1 billion be taken from the excess crude account by the federal government to fight the insurgency war to its conclusion,” Godwin Obaseki, Edo state governor, told reporters after a meeting of Nigeria’s national economic council.
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