Johannesburg - Nigerian state governors have approved the release of $1 billion (about R14 billion) from the country’s excess oil account to the government to help fight the Boko Haram Islamist insurgency, Reuters reports.
A total of $2.3 billion in foreign reserves earned from sales of crude oil is currently held in the account.
“We are pleased with the federal government achievements in the insurgency war and in that vein state governors have approved that the sum of $1 billion be taken from the excess crude account by the federal government to fight the insurgency war to its conclusion,” said Godwin Obaseki, Edo state governor on Thursday.
“The money will cover the whole array of needs which includes purchase of equipment and training for military personnel and logistics,” he told reporters after a meeting of Nigeria’s national economic council.
The Islamist insurgency in the northeast of the county has been going on for nine years with deadly attacks, including suicide bombings, targeting the country’s military and civilians in the areas that are beyond government control.
At the beginning of the month, the military commander leading the fight against Boko Haram was replaced after six months in the position after he failed to contain numerous attacks by the militant group.