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How govs spent $50bn excess crude funds – NESG
The Nigerian Economic Summit Group has explained how state governors spent the country’s $50bn Excess Crude Account in 2010, which would have served as a buffer for subsidies and other pressing financial concerns of the nation.
The Chief Executive Officer of NESG, Dr Tayo Aduloju, disclosed this during a courtesy visit to the headquarters of PUNCH Nigeria Limited on Wednesday.
He recalled that the global financial crisis of 2007 and 2008 had minimal effects on Nigerian firms because the country had a substantial fiscal buffer in the ECA, which greatly shielded it from external economic shocks.
However, in 2010, the state governors approached the Supreme Court to declare the ECA illegal, giving them the basis to share the funds domiciled in the account.
According to him, the Federal Government disbursed the $50bn fund to the 36 state governors between when late President Umaru Musa Yar’Adua died and when former President Goodluck Jonathan took charge.
He said that depleting the fiscal buffer the country had built over a decade shifted the subsidy operations from a savings model to a revenue-based approach, forcing the Federal Government to fund the fuel subsidy through crude oil sales instead of ECA funds.
“Between 1999 and 2010, we operated a savings-based subsidy operation. In other words, we were paying for the subsidy from savings. We were not borrowing to pay the subsidy.”
We were simply paying from the Excess Crude Account because we managed our first boom well. I think when former President Obasanjo left office, the Excess Crude Account had over $60bn.
“If you remember, Okonjo Iweala once told us we were broke. And her argument at that time was that a country cannot call spending all its money progress. But something happened, and Jonathan’s government was in a boom. So we moved from a transformative agenda to a Change agenda under President Buhari, and in the first six months of his government, he had concerns with the production of crude oil.
“Shale oil in the US crashed the price of crude oil to less than $22 a barrel, which is lower than the production cost. With this, every oil-producing country automatically entered deficit financing in oil production. Saudi Arabia defended its economy in 2015 with $45bn. But Nigeria didn’t have savings at that time because it had shared the savings among the 36 state governors. So we went into deficit financing in oil production. In other words, we were selling crude at a loss. And we maintained this deficit position for eight years (during Buhari’s regime),” he explained.
Aduloju argued that since 1999, successive administrations in the country have operated different fuel subsidy models, but the poor management of fiscal resources has compounded the financial crisis resulting from the mismanagement of the fuel subsidy.
“The subsidy removal that Tinubu inherited is not the same as the subsidy removal that Buhari inherited, and it’s also not the same as what Jonathan faced. They are different operations. But the consistent issue is that each mismanagement of our fiscal resources by previous governments compounded the problem for the next government,” he stated.
According to him, the biggest challenge under the current administration is not the removal of the fuel subsidy, but the lack of transparency. Until the Federal Government fully examines the financial strain on the economy, there will be no headway.
He said, “When President Tinubu took over, I insisted that what we needed was transparency before choices. Somebody should have first turned on the light and answered the simple question: what are we looking at? What is the size of the fiscal deficit? What were the commitments made in selling crude forward into the future? How much was committed? How much do we owe? How much of our reserves are encumbered?
“Without answering these questions, the policy choice—such as balancing the current account, of which subsidy removal is one option—becomes a facade. And therein lies the problem.”
He emphasized that the fuel subsidy itself isn’t the country’s core issue but rather the lack of transparency, which has created a massive trust gap between the government and the people.
“Subsidy itself is not the problem. The challenge is that the lack of transparency does not allow for choices. Historically, Nigerians have agreed that subsidy is fraudulent. Where they disagree is whether what they would receive after the government removes the subsidy would be of commensurate or greater value. But there is no trust that the government will provide this.
“So basically, there has been a transparency liability. We need to know how much we owe. How deep is the hole? How far does it go? On asset transparency, let’s know which assets are encumbered. I think if we want to make progress, subsidy removal should have been premised on a fiscal baseline. But it wasn’t.”
He said the myriad of economic problems facing the country would be effectively addressed at the upcoming NESG at 30 Summit, which will take place between the 14th and 16th of October, 2024, in Abuja.
Responding, the Acting Editor of The PUNCH, Oyetunji Abioye, who led the company’s team to receive the visitors, said the vision of NESG aligns with that of The PUNCH, and the company would offer its strong support for the upcoming summit, beginning with its press conference slated for Friday (tomorrow).
The NESG team included the Chairman of the Media and Publicity Subcommittee for the 30th NESG Summit, Mr Udeme Ufot; NESG Senior Communications Specialist, Francis Jakpor; NESG Associate, Oluwatobi Abodunrin; and Executive Assistant to the NESG CEO, Biodun Shittu.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has rejected claims that it appropriated or “stole” the idea of Niger Delta Economic and Investment Summit from another organisation whose application was reportedly pending before the Federal Ministry of Trade.
NDCCITMA considers the allegation misleading and wishes to set the record straight.
The concept of Niger Delta Economic and Investment Summit is a broad and widely recognised platform used globally to bring together government, the private sector, investors, businesses, development partners and other stakeholders to deliberate on economic growth and development. The use of the term “Economic Summit” does not, in itself, establish exclusive ownership of the concept by any individual or organisation.
More importantly, the chronology of events does not support the allegation being made against NDCCITMA.
While the said application was reportedly still pending before the Ministry of Trade as at September 2025, NDCCITMA had already gone through the appropriate processes and received approval from the Ministry of Trade in August 2025.
NDCCITMA did not rely on, copy, or appropriate the pending application of any other party in arriving at its name or identity
It is also important to distinguish between a concept and legally protected intellectual property, such as a registered trademark, proprietary material or other enforceable intellectual property right.
NDCCITMA remains committed to conducting its activities in accordance with applicable laws and regulatory requirements.Most importantly, in Suit No: FHC/PHC/CS/57/2026 filed on same subject matter in Portharcourt by the petitioner, the learned Judge had restrained the plaintiff from further interfering with the Summit being planned by the NDCCITMA. NDCCITMA will continue respect the rule of law
We therefore urge the public, stakeholders, the media to disregard any narrative unless such claims are supported by verifiable facts and relevant legal documentation.
NDCCITMA firmly rejects the allegation and maintains that its activities and identity were developed and pursued independently and through the appropriate regulatory channels.
The organisation remains focused on its mandate of promoting commerce, industry, trade, agriculture, investment and sustainable economic development across the Niger Delta region.
Signed:
Management
Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA)
The Cross River State Commissioner for Power and Renewable Energy, Prince Eka Williams Abang, has died at a hospital in Abuja.
Williams reportedly died suddenly on Saturday, September 12, 2026, while receiving medical treatment.
His death was announced on Sunday by his brother, Nkang William, who expressed shock over the sudden loss.
The deceased was described by family members and associates as a dedicated public servant whose death had left a significant void.
A former councillor representing Abo Ward in Boki Local Government Area, Pius Kejuo Osang, said he was still struggling to understand the development.
Late Abang
“I don’t understand, I was with him on Tuesday, I slept in his hotel,” Osang said.
Michael Gabriel Jr., Executive Media Assistant to Senator John Owan-Enoh, Minister of State for Industry, also described Williams as “a dedicated public servant and a good man.”
He said Ikom Local Government Area had lost a committed public servant, adding that Williams’ life of service, humility and impact would remain in the memories of those he touched.
The commissioner’s death has thrown Cross River’s political and public service circles into mourning, with condolences pouring in for his family, colleagues and associates.
The Board Chairman of the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture, NDCCITMA, Ambassador Idaere Ogan, has identified the Niger Delta Development Commission, NDDC, and the governments of the nine Niger Delta states as development partners in building a sustainable regional investment ecosystem.
Addressing newsmen at the Obi Wali Cultural Centre in Port Harcourt, Ogan reaffirmed NDCCITMA’s commitment to successfully hosting the Niger Delta Economic and Investment Summit from September 15 to 17 in the Rivers State capital.
The NDCCITMA Chairman said the Summit was a strategic, private-sector-led platform to mobilise investment and unlock the Niger Delta region’s economic potential, anchored on the theme: “Driving Investment, Innovation and Industrial Growth in the Niger Delta.”
He stated: “Our vision is to bring together the nine Niger Delta states, the Federal Government, the Niger Delta Development Commission, organised private sector, domestic and international investors, development finance institutions, multilateral organisations, financial institutions, project developers and other strategic partners around a common objective: To transform the Niger Delta from a predominantly resource-dependent economy into a diversified, productive, industrialised and globally competitive regional economy.”
According to Ogan, the Summit was designed not merely as another conference, but as an investment and transaction platform, stating: “I dare say that the region possesses opportunities far beyond crude oil.
“From gas and petrochemicals to agriculture and agro-processing; maritime and blue economy; manufacturing; aviation and transportation; renewable energy; tourism; digital economy; logistics; infrastructure and financial services, the Niger Delta possesses the resources and market opportunities required to become one of Africa’s leading investment destinations.”
We intend to showcase strategic investment opportunities capable of transforming the regional economy, including agro-industrial and oil-palm value chains, gas utilisation and gas-based industries, regional transportation and aviation, maritime infrastructure, industrial and logistics hubs, renewable energy, manufacturing, skills development, digital infrastructure and other high-impact projects.
The Counsel to the Legal Representative of NDCCITMA, Mr Sammie Somiari, SAN, affirmed that the Summit organiser was committed to conducting its activities in accordance with applicable laws and regulatory requirements.
He noted that in a suit filed by the founder of NDEIS, Kenule Nwiya Jnr, over an alleged trademark infringement, the court restrained the plaintiff from further interfering with the Summit being planned by the NDCCITMA.
Somiari assured that the Summit would proceed as planned, as there was no legal encumbrance to the economic and investment platform.
Also speaking, the NDDC Director of Commercial and Industrial Development, Mrs Lyna Okara, observed that the Summit would promote stronger economic integration among the nine Niger Delta states.
She noted that the investment forum would produce tangible outcomes: investment commitments, project partnerships, financing opportunities, policy recommendations, and clearly defined implementation frameworks.
Seledi Thompson-Wakama
Director, Corporate Affairs
September 12, 2026
The Enugu State Independent Electoral Commission (ENSIEC) says the commission is over 90 per cent ready for the forthcoming Sept. 26 Local Government Council Elections in Enugu State.
ENSIEC had scheduled elections into 17 Chairmanship and 260 Councillorship positions in the state.
The Executive Chairman of ENSIEC, Prof. Christian Ngwu, disclosed this on Monday in Enugu.
Ngwu noted that the commission was already putting finishing touches on every other arrangement and training ahead of the polls.
“It is only few things remaining and we are finalising and putting finishing touches on them,” he said.
The chairman said that the commission had trained the trainers of the ad hoc staff, already advertised for the ad hoc staff, while their training would be coming in few days.
He said that “almost all materials for the elections are ready”.
Ngwu noted that the “non sensitive materials will be leaving ENSIEC headquarters in Enugu latest Thursday, Sept. 17, to council headquarters”.
According to him, the sensitive materials will be received and kept in a safe place for now.
“We will soon concluded arrangement with transport unions/companies to ensure adequate logistics facilities.
“The commission is already having a fruitful conclusion of security arrangement with security agencies in the state with the Nigeria Police as lead agency,” he said.
Ngwu said that the Independent National Electoral Commission (INEC) would soon avail ENSIEC the authentic voters register of the state to work it.
“I am calling on residents of Enugu State to troop out en mass to cast their votes for their preferred candidates without fear or fear.
“ENSIEC will continue to provide a level playing field for all candidates in the elections.
“The commission will provide a conducive and secure environment as well as ensure a peaceful, hitch-free, transparent and credible elections come Sept. 26 in the state,” he said.
He said that the commission had pasted notice of election in local government areas, which contained awareness on how to vote correctly and positive behavioural conduct expected during and after casting one’s vote.
It would be recalled that candidates from 11 political parties would be participating in the polls.
ENSIEC had two weeks ago concluded train-the-trainer workshop for its officials, which included: 17 Electoral Officers (EOs) for each of the 17 council areas, 17 Assistant Electoral Officers, seven directors, five commissioner and an administrative secretary.
Hon. Chief Kevin Tobias Chukwu, the NDC candidate for the Ezza South/Ikwo Federal Constituency in the House of Representatives, has called on Nigerian leaders to rediscover the country by spending their vacations and leisure time within Nigeria.
Chukwu made the call while reacting to former Anambra State Governor and Labour Party presidential candidate, Peter Obi’s position that Nigerian presidents should spend their vacations in the country.
He said the issue should be viewed beyond partisan politics, arguing that leaders must demonstrate confidence in Nigeria if they expect citizens and investors to do the same.
According to him, frequent foreign vacations by political leaders send the wrong message to Nigerians, particularly when the government continues to encourage citizens to invest in the domestic economy.
“We cannot continue to export our wealth and import our enjoyment while asking Nigerians to believe in Nigeria,” he said.
Chukwu suggested that a president could choose to spend holidays in tourist destinations such as Obudu, Yankari, Lagos, Enugu, Ebonyi, Plateau and Akwa Ibom, among others.
He said such visits would boost local businesses, including hotels, restaurants, transport operators, farmers, artisans and other small businesses, while also increasing public confidence in Nigeria’s tourism potential.
The NDC candidate also highlighted the security implications, saying a president who can comfortably spend time in different parts of the country would send a strong signal about the safety and viability of those areas.
“This should go beyond Peter Obi and beyond party politics. It is about a new culture of leadership,” Chukwu said.
He added: “If we truly want Nigerians to believe in Nigeria, those who lead Nigeria must demonstrate that belief themselves. Charity, they say, begins at home.”
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