Okonjo-Iweala says $30bn not missing from Excess Crude Account

Ngozi Okonjo-Iweala, finance minister and cordinating minister for the economy, says $30 billion is not missing from the Excess Crude Account as speculated by Governor Adams Oshiomhole of Edo State.

This is according to a statement issued on Saturday in Abuja by Paul Nwabuikwu, the spokesperson to the minister.

“The widely published comment by Governor Adams Oshiomhole alleging that $30 billion is missing from the Excess Crude Account is shocking and totally untrue.

“The comments reflect, once again, the unfortunate tendency of some political players to politicise the management of the economy on the basis of half-truths and sundry distortions.

“This is not good for the country,’’ the statement read in part.

It stated that Oshiomhole’s comments gave the impression that the Federal Government doles out whatever it wished to the states from the Federation Account.

“But anyone who is familiar with the Federation Accounts Allocation Committee (FAAC) process knows that this is simply not true.

“The meetings are held every month and commissioners of finance and other officials represent their states and agreements are reached on issues including the distribution of proceeds from the account.
“There is no $30 billion missing from the Excess Crude Account as alleged by Governor Oshiomhole,’’ it added.

(NAN)