Excess crude account: Governors meet ahead of NEC meeting

The 36 state governors, under the Nigeria Governors Forum (NGF), are currently in an extensive meeting ahead of the National Executive Council (NEC) meeting scheduled for Thursday. The discussion focuses on local government autonomy, the excess crude account, petroleum profit tax, and other important issues.

The meeting began late Wednesday night, following a closed-door session between the governors and the Council of Traditional Rulers with President Bola Tinubu at the Presidential Villa in Abuja.

According to the agenda at the NGF Secretariat in Maitama, the governors gathered at 9 p.m. The agenda includes presentations from key figures such as the Acting Director General of the Department of State Security, Adeola Oluwatosin Ajayi; former Vice President Namadi Sambo; and Engr. Mele Kyari, Group Chief Executive Officer of NNPC Limited.

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Topics on the agenda cover updates on the United Nations General Assembly, the Excess Crude Account (ECA), reconciliation of petroleum profit tax and royalties, and state billings from the Transmission Company of Nigeria for ground rent.

The meeting includes the chairman’s opening remarks, minutes from the last meeting, updates on legal cases, and discussions on leveraging $825 million to enhance Nigeria’s agri-food sector. The gathering is still ongoing as of 12:31 a.m. when this report was made.