The National Economic Council (NEC) which was inaugurated by President Muhammadu Buhari on Monday accused the immediate past Minister of Finance, Ngozi Okonjo-Iweala of drawing from the Excess Crude Account (ECA) without authorization.
“We looked at the numbers for the Excess Crude Account. The last time the former Minister of Finance and Coordinating Minister of the Economy, Mrs Ngozi Okonjo-Iweala, reported to the council, and it is in the minutes, she reported by November 2014 that we had $4.1 bn.
“Today, the Accountant-General Office reported we have $2.0bn. Which means the honourable minister spent $2.1bn without authority of the NEC and that money was not distributed to states, it was not paid to the three tiers of government,” Edo State Governor Adams Oshiomhole told State House correspondents after the NEC’s 58th meeting in Abuja.
But Okonjo-Iweala says the allegations are baseless and intended to ferret her just to score a point.
She defended herself through a statement on Tuesday made available by her media adviser, Paul Nwabuikwu.
She said:
It is curious that in their desperation to use the esteemed National Economic Council for political and personal vendetta, the persons behind these allegations acted as if the constitutionally recognized FAAC, a potent expression of Nigeria’s fiscal federalism, does not exist.
But Nigerians know that collective revenues, allocations and expenditures of the three tiers of government are the concern of the monthly FAAC meetings.
It is important to acknowledge the efforts of governors who are working hard to overcome the current revenue challenges facing their states without resorting to character assassination and blame games.
“The former Minister is ready and willing to respond to legitimate enquiries about issues under her purview as Finance Minister. But it is clear that this is the latest chapter of a political witch-hunt by elements who are attempting to use the respected National Economic Council for ignoble purposes having failed abysmally in their previous attempts to tar the Okonjo-Iweala name.
“After the publication, the accusers lost their voice. But the latest allegations show that these persons are still in the business of throwing up wild, unsubstantiated figures to damage Okonjo-Iweala’s name. For instance, within the last few months, Governor Oshiomhole and his fellow travelers have asked Okonjo-Iweala to account for “missing” $30 billion, $20 billion and now $2.1 billion. What they don’t seem to understand is that the strategy has lost all credibility because the falsehood is clear for all to see.
“How can some governors who fought FG’s efforts to leave robust savings in the ECA and even took the Federal Government to court over the matter turn around to make such unfounded allegations?
“Against this background, the idea that she spent $2.1 billion without authorization is simply not credible given that details of government receipts and expenditure are public knowledge.”
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