Okonjo-Iweala, govs clash over $20bn ECA funds

The Nigeria Governors’ Forum on
Tuesday demanded an explanation
from the Minister of Finance and
Coordinating Minister of the
Economy, Ngozi Okonjo-Iweala, on
how $20bn that allegedly accrued
to the Excess Crude Account was
disbursed.
The forum, in a statement issued at
the end of a four-hour meeting of
the NGF which ended in the early
hours of Tuesday in Abuja, said the
sum was paid into the ECA between
June 2013 and April 2015.
“In the light of the fact that funds in
the ECA were last disbursed in May
2013, there is a need for the
minister, Dr. Okonjo-Iweala, to
provide explanations for accruals to
this account from June 2013 to April
2015 which is estimated at over
$20bn,” the NGF said.
Rivers State Governor Rotimi
Amaechi, who read the statement,
also announced that the NGF had
reconciled and reunited as a single
umbrella association of the 36 state
governors regardless of region.
He said, “The induction programme
for new and returning governors
will be held in June 2015.
“It is also aimed at equipping new
and returning governors with the
knowledge of global best practices
for establishing and running their
offices.”
Amaechi added that the meeting
resolved to establish a Governors’
Forum Academy to be christened,
“The NGF Leadership Academy.”
According to him, the academy will
be responsible for capacity building
of governors and other persons
holding public offices.
The forum congratulated the
President-elect, Muhammadu
Buhari, for winning the March 28
election and President Goodluck
Jonathan for accepting defeat.
Amaechi, whose tenure as the NGF
governor has expired, unveiled
Governor Abdulaziz Yari of Zamfara
State, as his successor.
Yari emerged as the new chairman
by consensus. He is to serve for one
year – May 2015 to May 2016. But
Okonjo-Iweala, described the NGF’s
claim that $20bn accrued to the ECA
in less than two years as baseless.
She said in a statement by her
Special Adviser, Communications,
Paul Nwabuikwu, that the demand
was “totally strange” because
issues relating to the management
of the ECA were usually discussed
by the state commissioners for
finance at their monthly
Federation Accounts Allocation
Committee meetings.
She said since the commissioners
were representatives of their
respective governors at the
meetings, there was no basis for
the demand.
The statement reads in part, “It has
come to our attention that
governors under the aegis of the
Nigeria Governors’ Forum have
requested that the Coordinating
Minister for the Economy and
Minister of Finance should account
for an estimated $20bn oil revenue
from the ECA from June 2013 to April
2015.
“There is no basis for the demand
and the stated amount. The
statement by the governors is
totally strange because FAAC meets
every month and the ECA is
discussed at every session with all
the state Commissioners of Finance
present.
“Nothing is hidden. At these
meetings the Honourable Minister
of State who is the Chair of FAAC
announces the balance in the ECA
which is then discussed.
“So governors who want any
information about the ECA should
ask for details from their
Commissioners who should have
the records of what was discussed
and agreed upon. Details of the ECA
are also published every month
along with the allocations to the
three tiers of government.”
The minister said the governors’
reference to June 2013 in their
statement was probably because
the National Economic Council last
met in May 2013.
This, she added, was “immaterial
because the FAAC meetings during
which the ECA and similar issues are
discussed have generally held
regularly every month.”
The minister said that Ameachi
had made a similar
“unsubstantiated allegation” in
November 2013 that $5bn was
missing from the ECA only to be
informed that Rivers State got
N56.2bn from the account.
Okonjo-Iweala added, “It is
interesting that Governor Amaechi
who was reported to have read the
communique on behalf of the
governors made a similar
unsubstantiated allegation in
November 2013 that $5bn was
missing from the ECA.
“We subsequently showed with
facts that not only was the amount
not missing, Rivers State received
N257.6bn from the Federation
Account between January and
October 2013, the second highest
among the states, of which N56.2bn
from the Excess Crude Account was
a part.”
“In the interest of transparency and
accountability, and to throw more
light on this issue’’, the statement
said ‘‘the Federal Ministry of
Finance will publish details of the
ECA for the last four years within the
next few days.”