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That Allegation Of Unauthorised Spending Of $2.1 Billion - Politics - NairaMan

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That Allegation Of Unauthorised Spending Of $2.1 Billion by guzomaken(: 6:36 pm On Jul 08, 2015

That Allegation Of Unauthorised Spending Of $2.1 Billion
July 7, 2015
The management of the nation’s Excess Crude Account, a controversial creation of the Olusegun Obasanjo Presidency, has unfortunately remained a major source of friction between the Federal Government and the governments of the 36 states and the Federal Capital Territory, Abuja. The issues at the centre of this frequent bickering border on the desirability of the account, how much money is in it at any particular point in time, how much of that should be shared among its owners and when it is most appropriate for that sharing to be done.
With the coming of a new federal administration of President Muhammadu Buhari, those issues have arisen again, this time with very heavy partisan coloration. Governors, mainly of the All Progressive Party, APC, have put the Excess Crude Account on the administrations’s inquisition list. At a recent meeting of the National Economic Council, NEC, the management of the account by the immediate past federal administration featured prominently. Dr Ngozi Okonjo-Iweala, who was minister of Finance and coordinating minister of the Economy in that previous administration was accused of facilitating the unauthorised spending of $2.1 Billion from the account. A committee made up of four governors – Adams OIshiomhole of Edo State, Nasir el-Rufai, Kaduna State, Emmanuel Udom, Akwa Ibom and Ibrahim Dankwambo, Gombe State, was set up to probe this allegation and submit its findings at the next meeting of NEC on July 23, 2015. Oshiomhole’s end of meeting media briefing on the decision of NEC was essentially a verbal onslaught on Okonjo- Iweala. Readmore here:

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