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The Missing $1B Excess Crude Funds Was Spent On Settling Oil Marketers Debts - Business - Nairaland

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The Missing $1B Excess Crude Funds Was Spent On Settling Oil Marketers Debts by wedemboiz(m): 5:21pm On Dec 17, 2014
Ngozi Okonjo-Iweala, the
Minister of Finance, has said
that the $1 billion said to be
missing from the Excess Crude
Account [ECA] was used by the
Federal Government to settle
debts to petroleum products
marketers Premium Times
reports.
The minister disclosed this in
Abuja on Wednesday while
presenting the breakdown of the
2015 budget proposal presented
to the National Assembly for
approval .
She said the explanation was
necessary to clear the air on
allegations by the Chairman of the
State Finance Commissioners
Forum, Timothy Odaah, who said
at the Federation Accounts
Allocation Committee (FAAC)
meeting on Tuesday that the 36
states and the Federal Capital
Territory (FCT) were unaware of
the whereabouts of the money.
According to Mr. Odaah, the
states were shocked that no
explanations had been given by
relevant government officials
regarding the $1billion difference
between the balance of $4.11
billion in the ECA in October and $
3.1billion presented at the end of
the November meeting on
Tuesday.
However the minister did not say
why the Federal Government
dipped its hand in the ECA without
the knowledge or consent of the
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