Nigeria To Release $1 Billion From Excess Oil Account to Fight Boko Haram

Nigerian state governors on Thursday approved the release of $1 billion from the country’s excess oil account to the government to help fight the Boko Haram Islamist insurgency.

The account holds foreign reserves from excess earnings from sales of crude. It currently totals $2.3 billion, according to Nigeria’s accountant general.

“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,” said Godwin Obaseki, Edo state governor.

“The money will cover the whole array of needs which includes purchase of equipments, training for military personnel and logistics,” he told reporters after a meeting of Nigeria’s national economic council.

The release of such a large sum could raise concerns over corruption, endemic in Nigeria.

The next presidential and gubernatorial national elections are scheduled for February and March 2019. Historically, the run-up to elections has seen rampant graft and theft of public funds as politicians build war chests to contest the vote.

The insurgency in the northeast is in its ninth year. Deadly attacks on the military and civilians continue, and large areas are out of government control.

Officials have siphoned off funds meant for aid for 8.5 million people in the region.

In October, President Muhammadu Buhari sacked the country’s top civil servant, accused of having inflated the value of contracts for aid projects, part of a suspected kickback scheme.

Source: Reuters