Economic Confidential

A meeting on how to resolve the economic logjam created by the loss of 76 oil wells by Cross Rivers State was recently held at the Presidential Villa, Abuja and was presided over by Vice President Arc Mohammed Namadi Sambo.

The meeting, which examined the judgement of the Supreme Court on the matter and the matters arising there from, requested the Revenue Mobilization and Fiscal Commission (RMAFC) to make presentations on the way forward.

While making the presentation, the Chairman Revenue Mobilization Allocation and Fiscal Commission, Engr. Elias Mbam stated that the Commission have been meeting to find ways to advise government on the need to provide succour to Cross Rivers State due to the financial discomfort it suffered by the judgement of the Supreme Court.

He further stated that RMAFC Act especially Section 5 Sub-section 7 stipulates that for the purposes of the Act and for avoidance of doubt, where any state of the federation suffers any loss, which is outside its control, the Stabilization Funds shall be used to give succour to such a sate.

Furthermore, the meeting examined the new security challenges posed at the Bakassi Peninsula on the loss of innocent lives through the activities of some foreign bodies and noted that as the Green Tree Agreement is nearing expiration, measures need to be to be taken to address such security challenges. The Vice President directed that a detailed report with relevant evidence be provided to enable government act decisively.

Present at the meeting were the Governors of Cross Rivers and Akwa-Ibom states, the Chairman Revenue Mobilization and Fiscal Commission, the Director-General National Boundary Commission and other top government officials.