Okonjo-Iweala denies ‘unauthorised spending’ of $2.1b ECA fund

FORMER Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has described the allegation by some governors that $2.1 billion was frittered away from the Excess Crude Account (ECA) without authorisation as a clear vendetta and witch-hunting exercise.

In a statement issued yesterday by her media aide, Paul Nwabuikwu, the former minister stated that no unauthorised expenditure from the ECA was made under her watch. She stated that decisions on such expenditure were discussed at meetings of the Federation Accounts Allocation Committee (FAAC) attended by finance commissioners from the 36 states.

The statement described as ‘curious,’ the seeming “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.

‎FORMER Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has described the allegation by some governors that $2.1 billion was frittered away from the Excess Crude Account (ECA) without authorisation as a clear vendetta and witch-hunting exercise.

In a statement issued yesterday by her media aide, Paul Nwabuikwu, the former minister stated that no unauthorised expenditure from the ECA was made under her watch. She stated that decisions on such expenditure were discussed at meetings of the Federation Accounts Allocation Committee (FAAC) attended by finance commissioners from the 36 states.

The statement described as ‘curious,’ the seeming “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.

Source:ngrguardiannews.com

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