ECA: FAAC faults Okonjo-Iweala, denies approving $2bn withdrawal

Ngozi Okonjo Iweala

The Federation Account Allocation Committee has faulted comments credited to a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, that it approved the withdrawal of $2bn from the Excess Crude Account.

The committee, in a statement issued on its behalf by Forum of Finance Commissioners in Abuja, stated that the law setting it up did not give it the power to approve withdrawals from the ECA.

Okonjo-Iweala had while responding to allegations made by state governors that she made withdrawals from the ECA without authorisation, said issues relating to expenditure were usually discussed at FAAC meetings attended by finance commissioners of the 36 states of the federation.

She had said through a statement issued by her spokesperson, Paul Nwabuikwu, “The allegation by some governors that former Minister of Finance, Dr. Ngozi Okonjo-Iweala, spent $2.1bn out of the Excess Crude Account without authorisation is false, malicious and totally without foundation.

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