$1 Billion Security Fund: Presidency Explains How Buhari Is Spending Allocation

By Funmi Olakunle

The Presidency has dismissed allegations of impropriety levelled against President Muhammadu Buhari in the management of the $1 billion security fund saying the funds were expended as deposit for the Super Tucano aircraft being procured from the United States.

The Peoples Democratic Party, PDP had in a statement earlier on Sunday upon the claim by the National Security Adviser, Brig. Gen. Babagana Moguno (rtd.) that he was not aware of the release of the $1 billion from the Excess Crude Account alleged impropriety on the part of the president.

The party had claimed that the assertion by the NSA confirmed its claim that the money was used by the ruling All Progressives Congress, APC for the 2015 election.

Responding to the PDP’s claim, presidential spokesman, Mallam Garba Shehu in a statement said that $490million was deposited for a dozen Super Tukano fighter aircraft.

He said:

“It’s on record that the Buhari administration paid about USD 490 million for a dozen Super Tucano fighter aircraft in a direct, government-to-government (no Contractors or Commission Agents) transaction with government of the United State.

”Various other military procurements have been made. Balance of expenditure stands at about USD 880 million or so.”

Observing that the Buhari administration was not profligate as the preceding PDP administrations, he said:

“The PDP spent Defence procurement funds on their failed 2015 political campaigns as proven in court. That is not to say every succeeding government, more so one led by a Buhari will do the same.”
“The PDP is under a socioemotional distress. They think that all governments in the world run on the basis of freewheeling looting as they did their own.”

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