State governors seek $2bn from ECA to finance projects
The 36 state governors have made a proposal to President Goodluck Jonathan for the withdrawal of $2bn from the foreign Excess Crude Account to finance their different state projects.
The Chairman, FAAC Commissioners Forum, Mr. Timothy Odaah while briefing journalists on Tuesday, shortly after the allocation committee meeting held in Abuja said the amount was needed to enable the states and local governments complete ongoing projects.
One of the reason he gave was that since elections are coming and coupled with the fact that its expensive providing for security and other elections logistics, it would be difficult for the states to carry on with developmental projects owing to paucity of funds.
'FAAC commissioners forum have asked for $2bn to be accessed specially from the foreign excess crude account because the states are really suffering, local governments are really suffering.
'We want to ensure that our projects are completed, we have seen issues of security. It has become a great challenge, you have seen health as well. What contractors do now is that if they raise certificate and the certificate is not paid within that time, they will charge interest.
'And you can see the elections that is coming up is costly and involves security,” he said.