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Ngozi Okonjo-Iweala Denies Allegations that She Spent $2.1 Billion from Excess Crude Account Without Authorization



Ngozi Okonjo-Iweala - Time Magazine - April 2014 -

Former Minister of Finance, Ngozi Okonjo-Iweala has denied allegations leveled against her by governors of Edo State, Adams Oshiomhole; and Kaduna, Nasir El-Rufai, that she spent $2.1 billion from the excess crude account without authorization.

Here is Okonjo-Iweala’s response, as reported by Daily Post:

The allegation by some governors that former Minister of Finance, Dr Ngozi Okonjo-Iweala spent $2.1 billion out of the Excess Crude Account “without authorization” is false, malicious and totally without foundation.

We want to state categorically that no unauthorized expenditure from the ECA was made under Okonjo-Iweala’s watch in the Finance Ministry. Decisions on such expenditure were discussed at meetings of the Federation Accounts Allocation Committee (FAAC) attended by finance commissioners from the 36 states.

It is curious that in their desperation to use the esteemed National Economic Council for political and personal vendetta, the persons behind these allegations acted as if the constitutionally recognized FAAC, a potent expression of Nigeria’s fiscal federalism, does not exist.

But Nigerians know that collective revenues, allocations and expenditures of the three tiers of government are the concern of the monthly FAAC meetings.

It is important to acknowledge the efforts of governors who are working hard to overcome the current revenue challenges facing their states without resorting to character assassination and blame games.

The former Minister is ready and willing to respond to legitimate enquiries about issues under her purview as Finance Minister. But it is clear that this is the latest chapter of a political witch-hunt by elements who are attempting to use the respected National Economic Council for ignoble purposes having failed abysmally in their previous attempts to tar the Okonjo-Iweala name.

It will be recalled that one of such attempts took place in May when some of these governors, hiding under the auspices of the Nigerian Governors Forum asked Okonjo-Iweala to explain $20 billion alleged to be missing from the same ECA.

The Finance Ministry subsequently issued a news release and published an advertorial in national newspapers on May 25, 2015 giving details of what the Federal Government and states received from the ECA in the last four years. It also provided details of the use of the funds for payment of petrol subsidies for the Nigerian public and SURE-P allocations to the three tiers for development purposes.

After the publication, the accusers lost their voice. But the latest allegations show that these persons are still in the business of throwing up wild, unsubstantiated figures to damage Okonjo-Iweala’s name. For instance, within the last few months, Governor Oshiomhole and his fellow travelers have asked Okonjo-Iweala to account for “missing” $30 billion, $20 billion and now $2.1 billion. What they don’t seem to understand is that the strategy has lost all credibility because the falsehood is clear for all to see.

How can some governors who fought FG’s efforts to leave robust savings in the ECA and even took the Federal Government to court over the matter turn around to make such unfounded allegations?

The world knows that it was Okonjo-Iweala who pioneered, during her first stint as Minister of Finance in the Obasanjo administration, the practice of publishing monthly updates of all allocations to different tiers of government in order to empower Nigerians with information and knowledge of government revenues and expenditure. This enabled the Nigerian public to ask questions about the utilization of these resources. Of course many elected and appointed public officials were not happy with this development.

She continued this practice when she returned in 2011 and even added periodic updates on the Excess Crude Account, subsidy payments for verified claims by oil marketers for fuel imports as well as SURE-P payments to the three tiers of government.

Against this background, the idea that she spent $2.1 billion “without authorization” is simply not credible given that details of government receipts and expenditure are public knowledge.

We believe that Nigerians are too smart to be hoodwinked by this partisan desperation to tar the name of Okonjo-Iweala.

In the interest of the country, we advise that public officials should avoid the temptation to politicize economic issues so that balanced analysis can lead to real solutions.


  1. Taipan

    July 1, 2015 at 7:40 am

    Who’s lying now, we need facts

    • FasholasLover

      July 1, 2015 at 2:27 pm

      The onus is on Oshiomole to provide EMPIRICAL EVIDENCE. But then, who in their right mind believes Oshiomole? APC = Association of Past Criminals.

  2. Warizdiz

    July 1, 2015 at 7:48 am

    Politics Naija Style. The MURKIEST. Anything to tar this woman.

  3. or

    July 1, 2015 at 8:06 am

    Believe Adams at your own peril!
    This is same ug man who shortchanged Nigerian workers,received bribes while workers strike away.
    Believe Adam and believe Tinubu, Amaechi .Atiku are born again.
    Go to court,let get the forensic and lets not do bogus accusation while APC shut their eyes on it All Past Criminals APC members.
    The day Adams and el-Rufail will accuse APC they will die phewww.

  4. kikikiki

    July 1, 2015 at 8:11 am

    Has Adams returned from old honey sun?
    Just because of tax payers money lavished on Iara she agreed to marry the ugliest governor in Nigeria.
    Go and check Iara bank account. Check for her parents. Adams is a thief kikikikikikiki kakakakka.
    With money beauty married…..
    Take Adams money and Iara will return to Cape Verde love bawo?
    Edo people koyo!

  5. A Real Nigerian

    July 1, 2015 at 8:20 am

    An obnoxious old grandma who also happens to be a petty, conniving criminal. Nothing to see here…

    • Naaah

      July 1, 2015 at 2:16 pm

      On this blog, we know who the obnoxious gutter snipe is and that person is @A crappy Nigerian.

  6. Tanya

    July 1, 2015 at 9:33 am

    Ngozi Okonjo Iweala is hard- I like how she switches to third person singular! Enough of the mud slinging and witch hunting. APC, present us with authentic facts and undeniable proof of Ngozi Okonjo Iweala’s misappropriation of public funds, corruption etc. Until then keep gathering evidence and building your case; Rome was not built in a day. Serenity.

  7. chy

    July 1, 2015 at 9:51 am

    first of all i hv to start by saying that okonjos pix is so funny,secondly i cnt sit down and read her long stories cos she will keep denying even with a gun pointed on her big head

  8. Yve

    July 1, 2015 at 10:15 am

    That Headtie….

  9. kk

    July 1, 2015 at 10:15 am

    EXACTLY…the Accusers need to provide us, the public with AUTHENTIC facts…..

    • ShineShineShine

      July 1, 2015 at 2:34 pm

      Adams OShiomole is not one to point accusing fingers. He is morally bankrupt. Kleptomaniac of the highest order. Pikolo master. This is a new low when attempts will be made to tarnish the image of a woman of this calibre. There are thieves in every govt. But MOST CERTAINLY, NOT NOI.

  10. apc lies

    July 1, 2015 at 11:24 am

    Unfortunately the truth can never be told by Adams

  11. nnenne

    July 1, 2015 at 1:51 pm

    My silence continues because I don’t like to eat my words.
    But I keep wondering why, Oshimole, a past governor, who is an insider. Should be part of the investigating team. That’s BIAS starring at us. What happened to independent investigators?
    BTW, all governors including Oshimole, need to be investigated! !

  12. Kenneth

    July 1, 2015 at 1:52 pm

    These are merely spurious allegations against Okonjo-Iweala and this is unbecoming of the new administration. The probe should be focused instead on the state governments that insisted on sharing the ECA and how they spent the booty. These people are only throwing a red herring.

  13. Naaah

    July 1, 2015 at 2:15 pm

    Be liking your own comments you hear. On this blog, we know who the obnoxious gutter snipe is. Just in case you are looking around cos l know you are that stupid, that gutter snipe is you.

  14. Naaah

    July 1, 2015 at 2:23 pm

    Crappy Nigerian, the message above is for you. How is your ulcer and BP?

  15. jwezee

    July 2, 2015 at 2:13 pm

    One thing I certain is that this woman can stand b4 the senate n defend her own..but osho baba and gov arigbeshola can come n defend why workers still being owed salaries… APC u never see anything u touch one also touch all.

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