The House of Representatives on Wednesday demanded documentary evidence for over $11 billion withdrawn from the Excess Crude Account between 2005 and 2007 by the President Olusegun Obasanjo’s administration. The document showed that a total sum of $2,859,390,31.61 was released from the Excess Crude Savings Account for the National Integrated Power Project (NIPP) projects from 2005 to 2007. You may wish to note that mandates were issued to Central Bank of Nigeria (CBN) for the total sum of $3,068,167,378.92. However, mandates for the sum of $364,513,747.31 were not applied by CBN and the total sum of $364,513,747.31 was reversed. No: FMP&S/HM/ABJ/033 dated 22nd November 2005, conveyed the approval of Mr President for the approval of $2.5 billion (N309.7 billion) for the implementation of Niger Delta Integrated National Power Project.

Source: Nigerian Tribune July 22, 2020 18:55 UTC