The Federation
Account
Allocation
Committee on
Tuesday
faulted
comments
credited to a
former Minister
of Finance, Dr. Ngozi Okonjo-Iweala, that it approved the withdrawal of $2bn
from the Excess Crude Account.
The committee, in a statement issued on its behalf by Forum of Finance
Commissioners in Abuja, stated that the law setting it up did not give it the
power to approve withdrawals from the ECA.
Okonjo-Iweala had while responding to allegations made by state governors
that she made withdrawals from the ECA without authorisation, said issues
relating to expenditure were usually discussed at FAAC meetings attended by
finance commissioners of the 36 states of the federation.
She had said through a statement issued by her spokesperson, Paul
Nwabuikwu, “The allegation by some governors that former Minister of Finance,
Dr. Ngozi Okonjo-Iweala, spent $2.1bn out of the Excess Crude Account
‘without authorisation’ is false, malicious and totally without foundation.
“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 recognised 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.”
But reacting to the ex-minister’s comments, the committee said in its
statement that Okonjo-Iweala’s expalnation “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.
Yuguda reportedly stated that the action would be ratified by NEC.
FAAC stated in the statement, “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.”
But Okonjo-Iweala, while reacting to the finance commissioners’ statement on
Tuesday, said the approval for the withdrawal of the funds was given by former
President Goodluck Jonathan.
She said in a statement by Nwabuikwu, “Payments made were used for
petroleum subsidies for the Nigerian people and were approved by Mr.
President. Therefore, there is no question of mismanaging any resources here.
“For the avoidance of doubt, at no time did Dr. Okonjo-Iweala say that FAAC
approved such expenditures. What she said was that all these expenditures
were discussed at FAAC meetings attended by finance commissioners from the
36 states.
“It is, therefore, clear that there was no misrepresentation by Dr. Okonjo-
Iweala.
“The question before us is: why is there such an excessive attempt to batter
her name in an attempt to damage her reputation? It is clear, as I said in my
previous statement, that the motive is malicious and very political, and,
therefore, will not succeed.
“If monies were used to pay for subsidies for the Nigerian people and duly
approved, why is Okonjo-Iweala’s name being battered in this way? This
persecution should stop.”

The truth is come out in the fullness of time. Kotinu d blame game.

Stc

Ok

Everyone with a disabused mind knows that woman was lying through her headgear. She definitely a bigger liar and criminal than Opolo Eyes and Stealer Odula put together.

Na buhri dey give u mouth

Someone is surely lying here.

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