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FAAC denies approving Okonjo-Iweala's $2bn withdrawal

08 July 2015, 11:08

Abuja - The Federation Account Allocation Committee to a former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has denied sanctioning the withdrawal of $2bn from the Excess Crude Account (ECA), Premium Times reports.

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.

Also read: Oshiomhole hits back at Okonjo-Iweala

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 that the allegation by some governors she spent $2.1bn out of the Excess Crude Account without authorisation’ is false, malicious and totally without foundation.

Read  more at Premium Times

- News 24


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