Okonjo-Iweala says govs’ request on ECA is strange, baseless

Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala has described claims by the Nigeria Governors’ Forum (NGF) claim that $20bn accrued to the Excess Crude Account (ECA) in less than two years as baseless.

She said in a statement by her Special Adviser, Communications, Paul Nwabuikwu, that the demand was “totally strange” because issues relating to the management of the ECA were usually discussed by the state commissioners for finance at their monthly Federation Accounts Allocation Committee meetings.

She said since the commissioners were representatives of their respective governors at the meetings, there was no basis for the demand.

The statement reads in part, “It has come to our attention that governors under the aegis of the Nigeria Governors’ Forum have requested that the Coordinating Minister for the Economy and Minister of Finance should account for an estimated $20bn oil revenue from the ECA from June 2013 to April 2015.

“There is no basis for the demand and the stated amount. The statement by the governors is totally strange because 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 Honourable Minister of State who is the Chair of FAAC announces the balance in the ECA which is then discussed.

“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. Details of the ECA are also published every month along with the allocations to the three tiers of government.”

The minister said the governors’ reference to June 2013 in their statement was probably because the National Economic Council last met in May 2013.

This, she added, was “immaterial because the FAAC meetings during which the ECA and similar issues are discussed have generally held regularly every month.”

The minister said that Ameachi had made a similar “unsubstantiated allegation” in November 2013 that $5bn was missing from the ECA only to be informed that Rivers State got N56.2bn from the account.

“In the interest of transparency and accountability, and to throw more light on this issue’’, the statement said ‘‘the Federal Ministry of Finance will publish details of the ECA for the last four years within the next few days.”

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