Okonjo-Iweala: Oshiomhole Lied, $30Bn Not Missing from Excess Crude Accounts

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Minister of Finance, Dr Ngozi Okonjo-Iweala says 30 billion dollars is not missing from the Excess Crude Account as speculated by Gov. Adams Oshiomhole of Edo.

This is according to a statement issued on Saturday in Abuja by Mr Paul Nwabuikwu, the spokesperson to the minister.

“The widely published comment by Gov. Adams Oshiomhole alleging that 30 billion dollars is missing from the Excess Crude Account is shocking and totally untrue.

“The comments reflect, once again, the unfortunate tendency of some political players to politicise the management of the economy on the basis of half-truths and sundry distortions.

“This is not good for the country,’’ the statement read in part.

It stated that Oshiomhole’s comments gave the impression that the Federal Government doles out whatever it wished to the states from the Federation Account.

“But anyone who is familiar with the Federation Accounts Allocation Committee (FAAC) process knows that this is simply not true.

“The meetings are held every month and Commissioners of Finance and other officials represent their states and agreements are reached on issues including the distribution of proceeds from the Account.

“There is no 30 billion dollars missing from the Excess Crude Account as alleged by Governor Oshiomhole,’’ it added‎.


Oshiomhole had said on December 23 in Benin City while hosting some traditional rulers in his office that the inability of the Federal Government to share excess crude savings in the last 18 months has distorted the developmental plans of  state governments.
“Over the past 18 months, we have not shared the excess crude account and yet, the account is empty. Sometimes we are told they have taken money from it to fund subsidies including subsidy on kerosene but your royal highnesses, there is nowhere in your various domains where kerosene is sold for N50. So in the name of subsidy, large sums of money are being stolen.”

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