Commissioners of Finance and Accountants
General of the 36 states of the federation on
Tuesday distanced themselves from claims by
the former Minister of Finance, Ngozi Okonjo-
Iweala, that they were part of the decision to
withdraw and spend $2bn from Nigeria’s
excess crude oil revenue account last
December.
Edo State governor, Adams Oshiomhole, and
his Kaduna State counterpart, Nasir El Rufai,
had, after the National Economic Council
(NEC) meeting in Abuja on Tuesday last week,
accused Mrs. Okonjo-Iweala of unilaterally
approving the withdrawal of about $2.1 bn
from the $4.1 bn left in the Excess Crude
Account (ECA) last November “without
authorization”.
But in a swift reaction, the former Minister
had vehemently rejected the accusation,
describing allegations linking her to the
allegations as “false, malicious and totally
without foundation”.
Mrs. Okonjo-Iweala’s reaction, conveyed
through a statement by her Media Adviser,
Paul Nwabuikwu, said all expenditures from
the ECA “were discussed at meetings of the
Federation Accounts Allocation Committee
(FAAC) attended by finance commissioners
from the 36 states”.
“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,” she said.
But in a stern reaction on Tuesday in Abuja,
members of the FAAC, under the aegis of the
Forum of Commissioners of Finance, disowned
the former minister, describing her claim as
“misleading and far from the fact”.
“It has come to our notice the statement
credited to the former Coordinating Minister of
the Economy and Honorable Minister of
Finance, Dr. Ngozi Okonjo-Iweala, that the
Federation Account Allocation Committee
(FAAC) approved the withdrawal from Excess
Crude (Foreign) Account the sum of Two
Billion U.S. Dollar ($2,000,000,000.00),” the
commissioner said.
“This statement is far from the fact and is
misleading,” the statement said.
The FAAC meeting for November 2014 ended
in confusion when the then Minister of State
for Finance, Bashir Yuguda, could not explain
how the balance in the ECA had dropped from
$4.1 bn at the end of October to $3.1 bn.
Prior to the October FAAC meeting, Mrs.
Okonjo-Iweala had told reporters that the
balance of the ECA stood at $4.11bn, while
the country’s external reserves rose from $
36.6bn in June to $39.48billion as at October
16.
Regardless, the then Chairman of the Forum of
State Commissioners of Finance and former
Ebonyi State Commissioner of Finance,
Timothy Odaah, had denied knowledge of any
decision to withdraw from the account,
insisting that none of its members was aware
of the withdrawal.
“No state knew how the $1 bn difference
reported in the Excess Crude Account balance,
between October and November, came about,”
Mr. Odaah told reporters then. “The
discrepancy has been noted for discussion at
the next FAAC meeting. It calls to question
how transparent the management of the
excess crude revenues has been.”
Till the end of his tenure, Mr. Odaah, who later
claimed reconciliation was ongoing with the
Finance Minister, did not reveal his findings.
However, several months later, Mr.
Oshiomhole stirred the controversy afresh last
week with the allegation that the former
minister was economical with the truth about
the country’s finances.
Mr. Oshiomhole had lambasted Mrs. Okonjo-
Iweala over her claims that Nigerians knew
what the three tiers of government usually
collect through the State Finance
Commissioners who usually attend the
monthly FAAC meetings.
The power to take money from the ECA, Mr.
Oshiomhole argued, is vested in the NEC, an
institution created by the constitution, and not
State Finance Commissioners, who are not
known by the constitution.
In disowning Mrs. Okonjo-Iweala, the
Commissioners’ Forum pointed out that the
law setting up FAAC, which predates the ECA,
“cannot approve withdrawal and has not done
so in the past.”
If anything, the Commissioners said, records
of FAAC meetings show that members have
always queried the activities on the ECA, and
therefore did not decide any withdrawal.
Although the Commissioners said they
observed the withdrawal of $2bn from the ECA
in December 2014, the then Minister of State
Finance and Chairman of FAAC, Mr. Yuguda,
had explained during plenary that approval
came from former President Goodluck
Jonathan.
The withdrawals were to help pay subsidy
claims to oil marketers, who had threaten to
stop importing petroleum products.
“FAAC did not and could not have approved,
nor took the decision to withdraw the sum of
Two Billion U.S. Dollar ($2,000,000,000.00)
from the Excess Crude Account,” the
Commissioners said.

http://www.premiumtimesng.com/news/headlines/186229-faac-disowns-okonjo-iweala-denies-approving-withdrawal-of-2bn-excess-crude-funds.html

mmm

These accusations and counter accusations won't help anyone, let EFCC wade in and prosecute anybody found wanting. I don't care. Whose horse is gored, nobody should tamper with our commonwealth and go scot free.

Cc. Lalasticlala cc. Ishilove help me please.

Again So in the midst of all this bombings around the country, the witch-hunt still continues against NOI...

Useless nonentities bluffing to tarnish the image of NOI

E don red for this woman.

So, what will happen next? Nigeria witch hunting season 1, episode 15.

Iweala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

These fools should stop making jackasses of themselves. Your published allocations from the ECA makes a mess of this story.

They didn't give the approval but they all shared the money. Believe these politicians at your own peril. Thieves

Since a committee has been set up to investigate the unapproved withdrawal of $2bn by NOI, why not summon the former minister for questioning instead of heating up the polity with claims and counter claims ?

Hmmmm

Hehehhehe..The text-book economist. If u ask am now, she go begin dey blow grammer. This woman should be called for questioning and if found guilty of any crime, she must b jailed.

Call it witch-hunting, I don't bloody care

"forum of commissioners of finance"?

after sharing the eca,it is now "forum of commissioners of finance"??and Buhari is still looking at this "forum of commissioners of finance"
chai!
Governors don chop money!

it is no problem,since NOI has giving us EVIDENCE OF PAYMENT TO RECEIPIENT STATES.
I think it is time for the commissioners of finance of eaach state to publicly open their books!

cc:EFCC

Some many issues for this govt to tackle. Every minute new issues to tackle keep popping up. Governing this country no easy at all.


Welcome to the regime of accusations, counter-accusations and denials.

Season of Revelations and Lamentation. All politicians are same.

Iweala don't worry, Buhari will come to your case like a thief in the night. Thief!

kingbasil:
Again So in the midst of all this bombings around the country, the witch-hunt still continues against NOI...

To say that you are mad is an understatement. The thief claimed to have gotten an approval from these people and now they have come out to deny approving anything and you call that a witch-hunt?

which useless commissioners? is it the ones appointed by the newly elected APC Governors or their immediate predecessors ? If they were referring to the latter, I would want to ask ,was the amount NOI published remitted to their account? If yes Why didn't they ask her what they money was for ? bunch of useless and stupid individuals playing childish politics!!! You chop money clean mouth and come again and complain that there is no money Oloribruku ode

Was FAAC asleep in January 2015? www.firstafricanews.ng/index.php?dbs=openlist&s=11997

Anyway, I am tired of blame game. Can we see the minute of FAAC meeting of October 2014 to February 2015?

Keneking:
Iweala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

when will you grow up and stop making a Fooool of your useless self?

abduljabbar4:
To say that you are mad is an understatement. The thief claimed to have gotten an approval from these people and now they have come out to deny approving anything and you call that a witch-hunt?

Well I trust her to defend herself with facts and proof..as for you I know you are crazy so any exchange of insults with your person will be below my standard, cu,nt...

midolian:
Hehehhehe..The text-book economist. If u ask am now, she go begin dey blow grammer. This woman must should be called for questioning and if found guilty of any crime, she must b jailed.

Call it witch-hunting, I don't bloody care

mumu!!! why didn't they complain when the money was remitted to their state accounts!!! See your mouth like Jail,oya come jail am make we see.

abduljabbar4:

To say that you are mad is an understatement. The thief claimed to have gotten an approval from these people and now they have come out to deny approving anything and you call that a witch-hunt?

Are you sure you even understand what this matter is all about!!! Do you think NOI was the one that spent the money? I think its high time APC gets to work and quit all this childish politicking!!! This new set of commissioners are political appointees dancing to the tune of the newly elected APC Governors. If they do otherwise they would get sacked

This was exactly what was happening that made the Govnrs to clamoured for sharing of this same money. The same thing continue to happen till this woman left office. Money will just disappear without proper explanation on what it was used for. When money are spent, sent, transferred, used or siphoned, there are ways to trace it without causing all these unnecessary stunts everybody is pulling. If they truly shared this money as Madam claimed, it's easy to detect.
One thing that keep raising my interest in this issue is that the FAAC is made up of APC Commissioners alone.

When the time comes, NOI will come out from where ever she is hiding & face the panel ditto diezani.

chukwudi44:


mumu!!! why didn't they complain when the money was remitted to their state accounts!!! See your mouth like Jail,oya come jail am make we see.

This woman is really trained, she is the virus and antivirus of finance/economy.

She knows how to clean traces

She is going to come out with evidence soon

#Twaley

Of course they will see as witch hunting!

first show me evidence and I will start screaming JAIL HER JAIL HER!!!

0lumide:
Of course they will see as witch hunting!

first show me evidence and I will start screaming JAIL HER JAIL HER!!!

APC ARE IN POWER AND YET YOU ARE STILL RANTING!!! OYA GO AHEAD AND JAIL HER MUMU