$2 Billion Excess Crude Cashout: Okonjo-Iweala Makes U-Turn, Says Jonathan Approved Withdrawals

 

Following an allegation by the Edo State governor, Adams Oshiomhole, that she unilaterally approved the withdrawal of the money from the $4.1 bn left in the ECA “without authorization”, Mrs. Okonjo-Iweala has shifted the blame on former President Goodluck Jonathan over the controversial withdrawal of $2bn from the excess crude revenue account (ECA) in December 2014.

According to Sahara Reporters, the former minister who spoke through a statement issued by her media adviser, Paul Nwabuikwu said, "Payments made were used for paying for petroleum subsidies for the Nigerian people and were approved by Mr. President. Therefore, there is no question of mismanaging any resources here."

Mrs. Okonjo-Iweala’s earlier  claim had given the impression that the commissioners and other members of Federation Accounts Allocation Committee (FAAC) were part of the decision to approve the controversial withdrawal.

However, Commissioners of Finance and Accountants General from the 36 states of the federation and the Federal Capital Territory, constitutionally recognized as members of the FAAC, on Tuesday distanced themselves from the Minister’s earlier claim.

Governor Oshiomhole had always accused the former minister of acting illegally, as the power to take money from the ECA was vested in the NEC, an institution created by the constitution, and not state Finance Commissioners, who were members of the FAAC.

Mrs. Okonjo-Iweala, in a response to the commissioners, alleged persecution, saying approval for the withdrawal from ECA was given by former President Jonathan and used for the settlement of fuel subsidy claims.

“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?” the Minister said. “This persecution should stop.”