Home News Okonjo-Iweala Fires Back At Governors On ‘Missing’ $20bn

Okonjo-Iweala Fires Back At Governors On ‘Missing’ $20bn

Dr. Mrs Ngozi Okonjo Iweala
Dr. Mrs Ngozi Okonjo Iweala

The Minister of Finance, Ngozi Okonjo-Iweala, has said it’s strange for the Nigerian Governors’ Forum (NGF) to allege that $20 billion has gone missing from the Excess Crude Account (ECA).

The governors, in a communique issued on Tuesday, May 19, 2015, had demanded that Okonjo-Iweala explain how the funds were spent.

The minister, however, said the NGF had no basis to demand the information from her.

Okonjo-Iweala’s response is contained in a statement released by her spokesperson, Paul Nwabuikwu.

It reads:

“The statement by the governors is totally strange because Federal Accounts Allocation Committee (FAAC) meets every month and the ECA is discussed at every session with all the state commissioners of finance present.”

“Nothing is hidden. At these meetings, the Minister of State who is the Chairman of FAAC, announces the balance in the ECA, which is then discussed.”

[Read Also]: Okonjo-Iweala Blames Govs for Depleted ECA Fund

“So, governors who want any information about the ECA should ask for details from their commissioners who should have the records of what was discussed and agreed upon.”

The statement also added that the Ministry of Finance would soon publish details of the ECA for the past four years in the interest of transparency and accountability.


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