Former Minister of Finance, Dr. Ngozi Okonjo Iweala had claimed while responding to allegations made by state Governors that she withdrew $2.1bn from ECA without authorization, that issues relating to expenditures are usually discussed at the Federal Account Allocation Committee (FAAC) meetings.

“Nigerians know that collective revenues, expenditures and allocations of the three tiers of government are the concern of the FAAC’s monthly meetings.” – she said while responding to the allegations.


Well, FAAC is saying that it has no power to approve withdrawals from the Excess Crude Account (ECA).

In a statement released on FAAC’s behalf by the Forum of Finance Commissioners in Abuja, the committee said that Dr. Iweala’s explanation is far from the fact and is misleading.

It said, “It has come to our notice the statement credited to the former Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, that the Federation Account Allocation Committee approved the withdrawal from Excess Crude (Foreign) Account the sum of $2bn. This statement is far from the fact and is misleading.

“We wish to state unequivocally that FAAC does not have the authority to approve withdrawals from the ECA and, therefore, could not have approved the withdrawal from the Excess Crude (Foreign) Account the sum of $2bn.

“According to the law setting up FAAC, which pre-dates the ECA, it cannot approve withdrawal and has not done so in the past.

“If anything, FAAC, as records of its meetings indicate, had often queried the activities on the ECA, and, therefore, did not decide any withdrawal.”

The statement noted that while FAAC had in December 2014 observed the withdrawal of $2bn from the ECA, the then Minister of State for Finance and Chairman of FAAC, Bashir Yuguda, had when asked during the plenary of FAAC meetings of the respective months explained that former President Goodluck Jonathan gave approval for the withdrawals to pay oil marketers’ subsidy claims.

“It should be noted, therefore, that FAAC did not and could not have approved nor taken the decision to withdraw the sum of $2bn from the ECA.

“We would want to excuse Dr. Ngozi Okonjo Iweala on this misrepresentation because she was not in attendance during FAAC plenary and may not have been fully and adequately made abreast of every FAAC activity."

http://www.nonsosblog.com/politics/ngozi-okonjo-iweala-the-2bn-withdrawal-faac-denies-approving-the-withdrawal-as-she-claimed/

After everything this respectable woman will come out of these allegations unscathed.I've noticed that Nigerians derive joy in spoiling individuals with good name.
This lovely woman worked with/for World Bank and she was not found wanting:it is in Nigeria that every Tom Dick and Harry would accuse her even that sugar daddy Oshiomole open mouth talk too.
Well a prophet is not treated well in his hometown.
Cc:lalasticlala,Ishilove,Rocktation,Farano.

FINANCE COMMISSIONERS FAULT OKONJO-IWEALA OVER $2BN ECA APPROVAL

Finance commissioners from the 36 states of the federation have denied granting approval for the withdrawal of $2 billion from the Excess Crude Account (ECA) as alleged the former minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo-Iweala.
Okonjo-Iweala had last week said that the Federation Account Allocation Committee (FAAC) approved the withdrawal of $2 billion from the ECA.
However, the Forum of Commissioners of Finance, a body comprising finance commissioners from the 36 states who are members of the FAAC, in a statement yesterday, said it was unaware of such approval, adding that the FAAC does not have powers to grant such approval.
“We wish to state unequivocally that the FAAC does not have the authority to approve withdrawals from the ECA and therefore could not have approved the withdrawal of the sum of $2 billion from the Excess Crude (Foreign) Account. According to the law setting up the FAAC, which pre-dates the ECA, it cannot approve withdrawal and has not done so in the past. If anything the FAAC, as records of it meetings indicate, had often queried the activities on the ECA, and therefore did not decide any withdrawal,” the statement reads in part.
The commissioners stated that “indeed, the FAAC noted and observed accordingly the withdrawal from the ECA of a total sum of $2 billion in December.
“The then minister of finance and chairman of the FAAC when asked during the plenary of the FAAC meetings of the respective months explained that the former president gave approval for the withdrawals from the ECA to pay oil marketers subsidy claims as they had threaten to stop importing petroleum products. According to her, he further explained that this action will be ratified by NEC.”


http://uncova.com/finance-commissioners-fault-okonjo-iweala-over-2bn-eca-approval


That the witch Ngozi is a shameless liar is really an understatement.

When the truth cannot be revealed, that's when the acclaimed knowledgeable elements start twisting English Language not only to confuse the masses, but to give them escape route anytime they are about to be caught. Dr. Mrs Iweala said FAAC approved the spending...now she is saying Ex-Mr. President... Another question now is can a president approves spending from ECA alone? Many question to be answered

,

No one needs a rocket scientist to know that GEJ connived with NOI to steal from the ECA without the knowledge of state governors and their commissioners.

As anyone seen ongoing renovation of KIRIKIRI facilities? E go contain people lyk iweala die!