The Federation Accounts Allocation Committee, FAAC,
meeting for November ended in confusion Tuesday as
representatives of Nigeria’s 36 states and the Federal
Capital Territory accused the federal government of not
accounting for about $1billion(N168 billion) of excess
crude oil money.

The Chairman of State Commissioners of Finance,
Timothy Odaah, told reporters after the meeting which
ended Tuesday night, that no state knew how the $1
billion difference reported in the Excess Crude Account
balance, between October and November, came about.

The FAAC meeting is a monthly gathering of state
finance commissioners and the federal finance ministry
and the Accountant General of the federation, where
federal oil receipts are shared between the federal and
state authorities.

With falling oil price, the 36 states have turned more
attention on the Excess Crude Account, which has
depleted from more than $40 billion in 2007 to about
$4 billion in 2014.

Though Mr. Odaah said the discrepancy has been noted
for discussion at the next FAAC meeting, his disclosure
called to question how transparent the management of
the excess crude revenues is.

Prior to the October FAAC meeting, the Minister of
Finance, Ngozi Okonjo-Iweala, had told reporters that
the balance of the Excess Crude Account stood at
$4.11billion.

At the event, the minster also revealed that the
country’s external reserves rose from $36.6billion in
June to $39.48billion as at October 16.
She also said the balance in the Sovereign Wealth Fund
(SWF) stood at $1.55 billion.

But, at the end of the FAAC meeting on Tuesday, the
Minister of state for Finance, Bashir Yuguda, told
reporters that the current savings in the ECA had a
balance of about $3.1 billion, raising questions about
the $1billion difference.

Mr. Odaah had said on October that owing to the
dwindling revenue allocation to the states from the
federation accounts as a result of falling oil prices, the
states had sent a request to President Goodluck
Jonathan that $2 billion be shared.

But he said on Tuesday that the states had no
knowledge how the balance suddenly dropped from
$4.1 billion to $3.1 billion.

source

http://www.premiumtimesng.com/news/top-news/173395-1-bn-excess-crude-money-missing-faac-meeting-ends-confusion.html

That missing balance had been alloted to "PDP STOMACH INFRASTRUCTURE" strategy

Wow, from $40 billion to $4 billion and some ppl r shouting fresh air.