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Ngozi Okonjo-Iweala: It is Strange to Say $20 Billion is Missing from Excess Crude Account



Ngozi Okonjo-Iweala - Bella Naija

The Minister of Finance, Ngozi Okonjo-Iweala, said it was strange for the Governors Forum to allege that 20 billion dollars were missing from the Excess Crude Account (ECA).

This is contained in a statement issued by Paul Nwabuikwu, spokesman for the Minister, in Abuja on Tuesday.

The statement said there was no basis for the forum to demand that the minister should account for such money from June 2013 to April 2015.

“The statement by the governors is totally strange because Federal Accounts Allocation Committee (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 Minister of State who is the Chairman 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”, read the statement in part.

According to the statement, details of the ECA are also published every month along with the allocations to the three tiers of government.

It added that the reference to June 2013 was immaterial as FAAC meetings during which the ECA and similar issues were discussed held every month.

The statement said Governor Rotimi Amaechi of Rivers, who was reported to have read the communique on behalf of the governors, made a similar unsubstantiated allegation in Nov. 2013.

According to the statement, he alleged that in November 2013, 5 billion dollars went missing from the ECA.

“We subsequently showed with facts that not only was the amount not missing, Rivers received N257.6 billion from the Federation Account between January and October 2013.”

Verbiage in the statement also gave an assurance that ministry of finance in the interest of transparency and accountability would publish the details of the ECA for the last four years in a couple of days.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.


  1. Anon

    May 20, 2015 at 9:05 am

    Strange? Selective amnesia!

    • Seriously

      May 20, 2015 at 11:02 pm

      Real selective amnesia. Ngozi iweala is either complaining about her job or she’s clueless about what’s going on in the economy. She’s has not yet responded to saludo. This is the same woman, who begs to stay at a job she doesn’t take seriously.
      I hope Buhari is replaces her with not just a book smart person but someone who genuinely cares for the future of Nigeria. her time is over.

    • nnenne

      May 21, 2015 at 1:03 pm

      @seriously… I suggest that Buhari should give you the job . You didn’t ask what Governor Amaechi did with the money given to him but you are bent on bringing NIO down. I laugh when people insinuate that corruption just started with present administration. They forget that there was oil boom In Nigeria once.. The money used to’ party’ in the name of FESTAC, could have given us electricity because they say it was huge.
      Problem with Nigerians is selective justice.
      Every one is after Abacha, how about OBJ. Babangida, even Buhari, plus other public officials.
      Have they all been really probed? By who?

    • Seriously

      May 21, 2015 at 9:51 pm


      That’s the problem with Nigerians. can’t take constructive criticism and being held accountable for their actions. Who cares if corruption started decades ago, the point is we keep crying change. Change is definitely not making irrelevant excuses or taking it personal. It’s not about me, or tribal nonsense Nigerians cling on. This person is being criticized bcos she’s Igbo, or Yoruba. If Nigeria want to move forward, every individual should be ready for the harsh criticism. Change needs to start now, and if that means starts with the current administration. Let it be. The scrutiny and criticism that will come with the next administration is going to be very tough. So, Buhari and his staff better be ready for that.

  2. thwarts

    May 20, 2015 at 9:21 am

    Hmmm the adjectives I would have liked to use on this woman would not be posted by Bella sadly so I would reserve my comments. Strange indeed!! useless liar.

  3. La'Shonda Balogun

    May 20, 2015 at 9:44 am

    Oh please Ngozie, don’t even TRY and act so naïve.

  4. Nike

    May 20, 2015 at 9:45 am

    20 Billions DOLLARS! missing?! How strange it is indeed! That’s one good reason Nigeria will never develop! well, no sweat, Nigerians are waiting for the otherwise prove.

    • Pat

      May 20, 2015 at 1:01 pm

      Gbam! # angrynigerian

  5. max

    May 20, 2015 at 10:18 am

    lets this matter go to court and let the truth be known once and for all.

  6. Naked

    May 20, 2015 at 10:18 am

    “Be afraid when you don’t see injustices around you for chances are that you are part of the perpetrators of the injustice – Rudolp Okonkwo”

    Madam, i have cause to believe you are part of the perpetrators of corruption and injustice in the nigerian nation since your face is so veiled to notice it.

  7. Reverse

    May 20, 2015 at 10:20 am

    These governors are all thieves! Are they not the same people that sued FG over ECA savings? They insisted on sharing what FG wanted to save and instead of accounting for their shares, they’re asking for 20b… she should just tell them it’s in their bellies. Nigerians need to educate themselves. Ask your governors questions, most of them don’t account to the people and we join them and blame FG for everything.

    • Mz Socially Awkward..:

      May 20, 2015 at 12:28 pm

      You know?? Threatening fire and brimstone if the money wasn’t shared out. And it doesn’t take more than one guess to hazard why they wanted to get it into their states’ accounts…. Bloody bandits.

  8. Ba

    May 20, 2015 at 11:20 am

    “Nothing is hidden”, I feel you. Are you guys up there transparent enough to let’s us see all the unaudited and audited accounts. These are information that should be made puibic time after time.
    Don’t smell further, the president-elect has pledge to probe it. Mama Ngozi, I hope you won’t smell Kirikiri with your honorary award which you don’t deserve. Mama subsidy my foot.

  9. kempe

    May 20, 2015 at 11:48 am


  10. oj

    May 20, 2015 at 11:49 am

    can these reports be published publicly already? let’s know the truth once and for all.

    and less I forget, ameachi should be called to account for the N257.6 billion naira rivers state received.

    • Mz Socially Awkward..:

      May 20, 2015 at 12:32 pm

      God bless you. Flipping 257.6 billion naira???? We don’t ask our leaders a fraction of the questions that we badly need answers for. N257.6 billion naira, my people????

    • whocares

      May 20, 2015 at 1:35 pm

      Accountants can and will cook the books. Seeing the reports wont even help. This is Nigeria. I do not trust the reports. Unless that money that was disseminated to Rivers or whichever state is traced, and its uses documented with pictorial evidence, I do not believe a word any of these people say.

  11. whocares

    May 20, 2015 at 1:32 pm

    So the fact that the sum of money that is supposed to be in the account is “announced” and “discussed” at the end of every meeting is solid proof that the money is present in the account? Oh my dear Mrs. Iweala, I thought we had an agreement not to lie to each other?

  12. BELLO

    May 21, 2015 at 11:59 am

    DR Ngozi Okonjo Iweala will not succumb to this base less allegation,how come its only Amaechi and the other APC members that are involve,all they know is to cause unnecessarily problem,Amaechi interest should be questioned

  13. YINKA

    May 21, 2015 at 12:01 pm

    NOI GOD is your strength,all these have political under-tone ,Ameachi and his gang are all crooks,we can see how each of them the ruin their state resources,

    • nnenne

      May 21, 2015 at 1:06 pm


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