Amaechi Has Lost His Mind: “Strange To Say $20bn Missing From Account” — Okonjo-Iweala

The Minister of Finance, Dr Ngozi okonjo-Iweala, said it was strange
for the Governors Forum to allege that 20 billion dollars were missing
from the Excess Crude Account (ECA).

This is contained in a statement issued by Mr Paul Nwabuikwu,
spokesman for the Minister, in Abuja on Tuesday.

The statement said there was no basis for the forum to demand that the
minister should account for such money from June 2013 to April 2015.

"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.

"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", it said.

According to the statement, details of the ECA are also published
every month along with the allocations to the three tiers of
government.

It added that the reference to June 2013 was immaterial as FAAC
meetings during which the ECA and similar issues were discussed held
every month.

The statement said Gov. Rotimi Amaechi of Rivers, who was reported to
have read the communique on behalf of the governors, made a similar
unsubstantiated allegation in Nov. 2013.

According to the statement, he alleged in Nov. 2013 that 5 billion
dollars were missing from the ECA.

"We subsequently showed with facts that not only was the amount not
missing, Rivers received N257.6 billion from the Federation Account
between January and October 2013.

It assured that ministry of finance in the interest of transparency
and accountability would publish the details of the ECA for the last
four years in a couple of days.
—247ureports