Business
How Buhari Regime Depleted ECA by N1.5tn
- /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://pointblank.ng/wp-content/uploads/2019/04/Buhari-1-1000x576.jpeg&description=How Buhari Regime Depleted ECA by N1.5tn', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/rhoncare/pointblank.ng/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 69
https://pointblank.ng/wp-content/uploads/2019/04/Buhari-1-1000x576.jpeg&description=How Buhari Regime Depleted ECA by N1.5tn', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
Between 2015 and 2019, the Federal Government withdrew N1.5tn (about $4.92bn) from the Excess Crude Account, statistics obtained from the Ministry of Finance have revealed.
The ECA, which was created by former President Olusegun Obasanjo in 2004 for the purpose of saving oil revenue in excess of the budgeted benchmark, rose from $5.1bn in 2005 to more than $20bn in November 2008.
But persistent demand by states to fund various programmes and the inability of the Federal Government to generate adequate revenue to fund its operations had put pressure on the Federal Government to draw down the account.
Available statistics showed that in the last five years, stretching from 2015 to 2019, a total of $4.92bn or (N1.5tn at the government rate of N305 to a dollar) was withdrawn from the account.
The Federal Government gave approval for the withdrawal of N458.14bn in the 2015 fiscal period from the ECA.
From this amount, N359.39bn went into petroleum subsidy payment and N98.19bn was used for revenue augmentation to the three tiers of government.
The 2016 fiscal period saw the Federal Government withdraw the sum of N85.17bn to augment revenue to the three tiers of government while $250m was taken out of the account in 2017.
In 2018, the Federal Government depleted the account by an additional amount of $2.87bn.
The withdrawal for 2018 was significantly higher than the $250m withdrawn in 2017 by about $2.62bn.
Based on an analysis of the figures from the Budget Office, the sum of $1.76bn was withdrawn in the fourth quarter of 2018 by the government for the Paris Club refund to state governments.
The $1.76bn represents about 61 per cent of the entire $2.87bn withdrawn during the 12-month period.
Further analysis of the figures showed that the sum of $496.37m was approved by the President, Major General Muhammed Buhari (retd.), and withdrawn for the purchase of Super Tucano Aircraft.
The withdrawal of that amount, according to findings, was made in the first quarter of 2018.
Similarly, the President also gave approval that the sum of $380.51m be withdrawn for the first batch of procurement of equipment for the Nigerian Army, Navy and Defence Intelligence Agency.
The withdrawal of the $380.51m, according to investigations, was made in the fourth quarter of 2018.
Similarly, the Federal Government also gave approval that $233.29m be withdrawn for states’ matching grant to the Universal Basic Education Commission.
The amount was taken out of the ECA in the fourth quarter of 2018.
The account also incurred bank charges of $122.23 during the 12-months period of 2018.
In 2019, the ECA witnessed a decline of about $306.04m or N98.48bn from $631m as of January ending to $324.96m as of the end of the year.
It was recently reported that the account was further depleted by N253.1m from $324.96m in January to $71.81m, the status of the account as of February 19.
The World Bank had said the Nigerian economy had become more vulnerable to shocks as a result of the depletion of the Excess Crude Account.
In its latest Nigeria Economic Update, the World Bank had warned that a ‘moderate’ decline in oil price could trigger another recession, noting that the exhaustion of the ECA had made the country more vulnerable.
“Fiscal buffers in the Excess Crude Account have been exhausted, rendering Nigeria more vulnerable to shocks,” the bank said.
Noting that the account was mismanaged, the report added, “The ECA has rarely operated as envisaged. When it was established in 2004, it was to be drawn on only when the actual crude oil price falls below the budget benchmark price for three consecutive months.
“However, state governments contended that the federal Fiscal Responsibility Act of 2007 creating the ECA was not binding on state and local governments.”
The Lagos Chamber of Commerce and Industry and the Institute of Finance and Control of Nigeria have said the depletion of the country’s Excess Crude Account signalled pressure on government revenues.
The Punch
Business
Access Bank, Fifth Chukker, UNICEF Partner to Expand Educational Opportunities for Vulnerable Children
The transformative power of collective action in expanding access to education took centre stage in London as Access Bank UK, Fifth Chukker, UNICEF and the Kaduna State Government reaffirmed their shared commitment to creating brighter futures for Nigeria’s most vulnerable children.
Hosted by Access Bank UK, Access UK Polo Day celebrated more than 15 years of impact driven by a shared vision to expand educational opportunities for underserved children. What began as a modest initiative has evolved into one of Africa’s most impactful education programmes, with the Access Bank Fifth Chukker School in Kaduna State and its associated interventions positively impacting more than 14,000 children across underserved communities in Northern Nigeria.
At the heart of this transformation is the Access Bank Fifth Chukker School, where investments in educational infrastructure, learning resources and student support have created lasting opportunities for thousands of children. Between 2018 and 2026 alone, the school recorded 2,538 graduates, with female pupils accounting for more than 54 per cent of the total, underscoring the programme’s contribution to advancing girls’ education and promoting inclusive access to learning.
More than 1,000 pupils benefit from the school’s internationally recognised foundational learning programme each year, contributing to improved literacy and numeracy outcomes and a reported 15 per cent increase in learning performance. Students continue to secure admission into leading secondary schools, while teachers receive ongoing professional development and digital learning support. Enhanced infrastructural facilities and expanded learning resources have further strengthened the overall learning environment, helping to sustain the programme’s long-term impact.
This year’s event reinforced a compelling message: Every pledge should lead to a classroom, every classroom should empower a child, and every child should have the opportunity to shape a brighter future.
Speaking at the event, the Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, reflected on the remarkable growth of the initiative and the unwavering commitment of its supporters.
“What began as a dream to transform the lives of 100 children has grown into a movement that has positively impacted more than 14,000 young people. We want to return next year talking about 28,000 children. Education remains the greatest leveller, giving every child a genuine opportunity to realise their potential and contribute meaningfully to society.”
Ogbonna expressed appreciation to donors and partners whose support has sustained the initiative, noting that investment in education creates lasting intergenerational impact.
Kaduna State Governor Uba Sani described education as one of the most valuable investments any society can make. He praised the longstanding alliance between Access Bank, Fifth Chukker and UNICEF, noting that it has restored hope and opportunity to thousands of children from underserved communities.
Highlighting Kaduna State’s ongoing education reforms, the Governor revealed that approximately 300,000 out-of-school children had been returned to classrooms over the past year through partnerships with organisations including UNICEF and other development partners. He also announced plans to construct an additional 120 classrooms at the Fifth Chukker Access Bank UNICEF School, enabling even more children to access quality education.
“What we are doing here is about humanity. By giving children access to quality education, we are empowering them to dream, to lead and to build a better future for themselves and their communities.”
Governor Sani also paid tribute to the late Herbert Wigwe, acknowledging his vision, leadership and enduring commitment to improving educational outcomes for underserved populations.
For Aigboje Aig-Imoukhuede, Chairman of Access Holdings, the true success of the initiative is reflected in the lives being transformed.
“The most meaningful measure of success is not the number of buildings we construct, but the opportunities we create. Every child who receives an education, every young person who discovers their potential, and every community strengthened through learning represents the lasting impact of this partnership. Together, we are proving that when purpose meets collaboration, we can create opportunities that change lives for generations.”
Welcoming guests, Jamie Simmonds, Chief Executive Officer of The Access Bank UK, described the gathering as polo with purpose, a celebration not only of sport but of a shared mission to create opportunity through education. He highlighted the institution’s commitment to supporting initiatives that deliver sustainable social impact and broaden access to learning for underserved children.
The event concluded with a renewed commitment from all stakeholders to deepen investment in education as a catalyst for national development and social progress. The Access Bank Fifth Chukker School continues to demonstrate the impact of sustained collaboration among the private sector, government and development partners, delivering measurable outcomes for vulnerable children in Northern Nigeria.
Business
Ecobank Nigeria Wins Deutsche Bank’s Client Excellence Award
Ecobank Nigeria, a subsidiary of the leading pan-African financial services group Ecobank Group, has been awarded the Client Excellence Award by Deutsche Bank in recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services.
The award recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem. It further reinforces the Bank’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.
Receiving the award on behalf of Ecobank Nigeria, Segun Anjorin, Coverage Head, Corporate and Investment Bank, Ecobank Nigeria, expressed appreciation to Deutsche Bank for the recognition, noting that the award reflects the Bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.
“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.”
“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Anjorin said.
Commenting on the award, Anand Jha, Managing Director, Global Head of TFFI and Regional Head, Trade & Lending, Middle East and Africa (MEA), Deutsche Bank, commended Ecobank Nigeria for its exceptional service standards and operational excellence.
“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations. Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike.”
“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Jha said.
The recognition underscores Ecobank Nigeria’s continued investment in world-class banking solutions and reinforces its role as a trusted financial partner for businesses seeking efficient cash management, trade finance, and cross-border banking services. It also highlights the Bank’s commitment to supporting economic development by facilitating seamless trade and financial transactions across Africa and the global marketplace.
About Ecobank Nigeria
Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai. With over 220 branches, more than 36,000 agency banking locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services. The Bank is strategically positioned to support pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).
Business
Wema Bank Announces Hackaholics 7.0 with Mouthwatering Prizes
Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, Wema Bank, on Wednesday, announced the 7th edition of its flagship innovation initiative, Hackaholics.
Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game changing, tech-driven ideas and products, to bring their ideas to life. Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions. With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.
Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work. Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.
Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.
Speaking on the inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.
“At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes,” Oseni said.
While performing the function of declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, noted that “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders. I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape. Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future”.
Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.






