Excess Crude Account: FG opts for out of court settlement

Channels Television  
Updated July 17, 2012

The National Economic Council says it will within two weeks come up with a solution on how to settle the excess crude account litigation involving the federal government and the 36 state governors out of court.

The Supreme Court has given them up to 2nd September, to reach the out of court settlement over the issue or it will continue with the trials on the matter.

Briefing State House correspondents after the meeting, the Central Bank Governor, Mallam Sanusi Lamido Sanusi said that the decision to settle out of court is following the report by the sub-committee it set up to fashion out the modalities.

The economic council also said, henceforth, all state governments must defend their projects before the National Assembly before approvals for funding by (international donor agencies) for the execution of such projects can be approved.

The council asked state governments to also set up institutions that will enable them respond to emergencies and disasters anytime they happen without having to wait for the National Emergency Management Agency (NEMA).