Obi: Only the President Approves ECA Disbursement
Obinna Chima



A former Governor of Anambra State, Mr. Peter Obi, has condemned recent allegations that a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, supervised the alleged embezzlement of some funds from the Excess Crude Account (ECA).
According to Obi, the release of funds from the ECA cannot be done without the approval by the president. This he said was the trend not just under former President Goodluck Jonathan, but also during the tenure of former presidents Olusegun Obasanjo and the late Umaru Musa Yar’Adua.
The former Anambra State governor said this during an interview with journalists.

Edo State Governor, Mr. Adams Oshiomhole, recently opened a floodgate of attacks against Okonjo-Iweala.
He had alleged that $20 billion was missing from the ECA and other sources. Thereafter, he said it was $10 billion, N720 billion and at another time he alleged that the amount was $2.1 billion. He had also accused the former minister of using $1 billion from the ECA to fund the re-election of former President Goodluck Jonathan.

But responding to questions from journalists, Obi said: “I don’t think that was correct.Let me clarify it properly: There was never a time the National Economic Council (NEC), governors’ forum or any other body approved the release of excess crude money.
“The release of excess crude money was only and only by the express approval of the president. The practice was that the Governors’ Forum would meet and agree to appeal to the president to release funds to assist them in fulfilling their various states’ obligations. I was a state governor during the presidencies of Obasanjo, Yar’Adua and Jonathan and the procedure was the same.”
The former Anambra governor also described calls for the trial of the former finance minister as unfortunate, saying some Nigerians “have this attitude of trying to pull down our best.

“Okonjo-Iweala is a global star and only came back to serve her country and she did that with passion. We gain nothing trying to pull her down. We did it with Aruma Otteh, but we know what she is today?” he asked.
Continuing, Obi said he had been in several meetings where the former minister woman “was almost crying,” while urging governors and other policy makers to save for the rainy day.

“She advised that proceeds from excess crude sales should be saved in the Sovereign Wealth Fund for effective management. I have read newspaper reports that it is ironic that she spoke of a rainy day when it was already pouring. “I personally remain indebted to her because it was from her persistent preaching on the need to save in the Sovereign Wealth Fund (SWF) that made me incorporate savings in foreign currency - that is why one third of it money we left on leaving office was in foreign currency, $156 million(N25 billion at that time). With interest now it would be about $170 million and with the current rate it is almost N40 billion,” Obi revealed. Furthermore, he advised state governors that are finding it difficult to meet their obligations to cultivate the attitude of saving.

“Excess crude money should be saved in the SWF. No country will survive without saving for the future. Even in animals’ kingdom, the ants saves for the rainy days. We must save bearing in mind that natural resources that we enjoy today are depleting assets.
“I have said severally that there is nothing wrong with bail-out or restructuring of debts, but I insist that such reliefs must be with conditions to instill fiscal discipline; else we make it a bad habit,” he said.

Noted

Tell them my prudent brother

Edo State Governor, Mr. Adams Oshiomhole, recently opened a floodgate of attacks against Okonjo-Iweala.

To divert attention from his ineptness in Edo state.

I think oshiomole is still high on wedding cake and honey moon sex.


No man in his right mind talks the way he do.