Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,193,164 members, 7,950,012 topics. Date: Monday, 16 September 2024 at 06:16 AM |
Nairaland Forum / Nairaland / General / Politics / FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA (2480 Views)
Osinbajo Denies Approving NNPC Contracts But Two Loans / Osinbajo Admits Approving N640 Billion Oil Contracts For NNPC / Infograph: FAAC Allocation Distribution To 36 States From January - March 2017 (2) (3) (4)
FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by 9ousky: 4:14pm On Jul 07, 2015 |
Commissioners of Finance and Accountants General of the 36 states of the federation on Tuesday distanced themselves from claims by the former Minister of Finance, Ngozi Okonjo- Iweala, that they were part of the decision to withdraw and spend $2bn from Nigeria’s excess crude oil revenue account last December. Edo State governor, Adams Oshiomhole, and his Kaduna State counterpart, Nasir El Rufai, had, after the National Economic Council (NEC) meeting in Abuja on Tuesday last week, accused Mrs. Okonjo-Iweala of unilaterally approving the withdrawal of about $2.1 bn from the $4.1 bn left in the Excess Crude Account (ECA) last November “without authorization”. But in a swift reaction, the former Minister had vehemently rejected the accusation, describing allegations linking her to the allegations as “false, malicious and totally without foundation”. Mrs. Okonjo-Iweala’s reaction, conveyed through a statement by her Media Adviser, Paul Nwabuikwu, said all expenditures from the ECA “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,” she said. But in a stern reaction on Tuesday in Abuja, members of the FAAC, under the aegis of the Forum of Commissioners of Finance, disowned the former minister, describing her claim as “misleading and far from the fact”. “It has come to our notice the statement credited to the former Coordinating Minister of the Economy and Honorable Minister of Finance, Dr. Ngozi Okonjo-Iweala, that the Federation Account Allocation Committee (FAAC) approved the withdrawal from Excess Crude (Foreign) Account the sum of Two Billion U.S. Dollar ($2,000,000,000.00),” the commissioner said. “This statement is far from the fact and is misleading,” the statement said. The FAAC meeting for November 2014 ended in confusion when the then Minister of State for Finance, Bashir Yuguda, could not explain how the balance in the ECA had dropped from $4.1 bn at the end of October to $3.1 bn. Prior to the October FAAC meeting, Mrs. Okonjo-Iweala had told reporters that the balance of the ECA stood at $4.11bn, while the country’s external reserves rose from $ 36.6bn in June to $39.48billion as at October 16. Regardless, the then Chairman of the Forum of State Commissioners of Finance and former Ebonyi State Commissioner of Finance, Timothy Odaah, had denied knowledge of any decision to withdraw from the account, insisting that none of its members was aware of the withdrawal. “No state knew how the $1 bn difference reported in the Excess Crude Account balance, between October and November, came about,” Mr. Odaah told reporters then. “The discrepancy has been noted for discussion at the next FAAC meeting. It calls to question how transparent the management of the excess crude revenues has been.” Till the end of his tenure, Mr. Odaah, who later claimed reconciliation was ongoing with the Finance Minister, did not reveal his findings. However, several months later, Mr. Oshiomhole stirred the controversy afresh last week with the allegation that the former minister was economical with the truth about the country’s finances. Mr. Oshiomhole had lambasted Mrs. Okonjo- Iweala over her claims that Nigerians knew what the three tiers of government usually collect through the State Finance Commissioners who usually attend the monthly FAAC meetings. The power to take money from the ECA, Mr. Oshiomhole argued, is vested in the NEC, an institution created by the constitution, and not State Finance Commissioners, who are not known by the constitution. In disowning Mrs. Okonjo-Iweala, the Commissioners’ Forum pointed out that the law setting up FAAC, which predates the ECA, “cannot approve withdrawal and has not done so in the past.” If anything, the Commissioners said, records of FAAC meetings show that members have always queried the activities on the ECA, and therefore did not decide any withdrawal. Although the Commissioners said they observed the withdrawal of $2bn from the ECA in December 2014, the then Minister of State Finance and Chairman of FAAC, Mr. Yuguda, had explained during plenary that approval came from former President Goodluck Jonathan. The withdrawals were to help pay subsidy claims to oil marketers, who had threaten to stop importing petroleum products. “FAAC did not and could not have approved, nor took the decision to withdraw the sum of Two Billion U.S. Dollar ($2,000,000,000.00) from the Excess Crude Account,” the Commissioners said. http://www.premiumtimesng.com/news/headlines/186229-faac-disowns-okonjo-iweala-denies-approving-withdrawal-of-2bn-excess-crude-funds.html |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by YOURMAN: 4:15pm On Jul 07, 2015 |
mmm |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by JBismarck(m): 4:16pm On Jul 07, 2015 |
These accusations and counter accusations won't help anyone, let EFCC wade in and prosecute anybody found wanting. I don't care. Whose horse is gored, nobody should tamper with our commonwealth and go scot free. Cc. Lalasticlala cc. Ishilove help me please. 2 Likes 1 Share |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by kingbasil: 4:18pm On Jul 07, 2015 |
Again So in the midst of all this bombings around the country, the witch-hunt still continues against NOI... 1 Like |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Swaycater(m): 4:19pm On Jul 07, 2015 |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by bobbiekrantz: 4:20pm On Jul 07, 2015 |
Useless nonentities bluffing to tarnish the image of NOI 2 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Tallesty1(m): 4:21pm On Jul 07, 2015 |
2 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 4:23pm On Jul 07, 2015 |
So, what will happen next? Nigeria witch hunting season 1, episode 15. |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 4:26pm On Jul 07, 2015 |
Iweala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh 3 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by atlwireles: 4:28pm On Jul 07, 2015 |
These fools should stop making jackasses of themselves. Your published allocations from the ECA makes a mess of this story. 3 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by warrior01: 4:31pm On Jul 07, 2015 |
They didn't give the approval but they all shared the money. Believe these politicians at your own peril. Thieves 6 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Maxymilliano(m): 4:31pm On Jul 07, 2015 |
Since a committee has been set up to investigate the unapproved withdrawal of $2bn by NOI, why not summon the former minister for questioning instead of heating up the polity with claims and counter claims ? 2 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 4:31pm On Jul 07, 2015 |
Hmmmm |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by midolian(m): 4:31pm On Jul 07, 2015 |
Hehehhehe..The text-book economist. If u ask am now, she go begin dey blow grammer. This woman should be called for questioning and if found guilty of any crime, she must b jailed. Call it witch-hunting, I don't bloody care 4 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by baralatie(m): 4:34pm On Jul 07, 2015 |
"forum of commissioners of finance"? after sharing the eca,it is now "forum of commissioners of finance"??and Buhari is still looking at this "forum of commissioners of finance" chai! Governors don chop money! it is no problem,since NOI has giving us EVIDENCE OF PAYMENT TO RECEIPIENT STATES. I think it is time for the commissioners of finance of eaach state to publicly open their books! cc:EFCC 4 Likes 1 Share |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by sinizia: 4:34pm On Jul 07, 2015 |
Some many issues for this govt to tackle. Every minute new issues to tackle keep popping up. Governing this country no easy at all. Welcome to the regime of accusations, counter-accusations and denials. |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Ajascolove(m): 4:59pm On Jul 07, 2015 |
Season of Revelations and Lamentation. All politicians are same. |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Caseless: 5:03pm On Jul 07, 2015 |
Iweala don't worry, Buhari will come to your case like a thief in the night.
Thief! 1 Like |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by abduljabbar4(m): 5:06pm On Jul 07, 2015 |
kingbasil:To say that you are mad is an understatement. The thief claimed to have gotten an approval from these people and now they have come out to deny approving anything and you call that a witch-hunt? 2 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 5:12pm On Jul 07, 2015 |
which useless commissioners? is it the ones appointed by the newly elected APC Governors or their immediate predecessors ? If they were referring to the latter, I would want to ask ,was the amount NOI published remitted to their account? If yes Why didn't they ask her what they money was for ? bunch of useless and stupid individuals playing childish politics!!! You chop money clean mouth and come again and complain that there is no money Oloribruku ode 5 Likes |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 5:15pm On Jul 07, 2015 |
Was FAAC asleep in January 2015? www.firstafricanews.ng/index.php?dbs=openlist&s=11997 Anyway, I am tired of blame game. Can we see the minute of FAAC meeting of October 2014 to February 2015? |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by southWASTE: 5:18pm On Jul 07, 2015 |
Keneking:when will you grow up and stop making a Fooool of your useless self? |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by kingbasil: 5:18pm On Jul 07, 2015 |
abduljabbar4: Well I trust her to defend herself with facts and proof..as for you I know you are crazy so any exchange of insults with your person will be below my standard, cu,nt... |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 5:18pm On Jul 07, 2015 |
midolian: mumu!!! why didn't they complain when the money was remitted to their state accounts!!! See your mouth like Jail,oya come jail am make we see. |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 5:19pm On Jul 07, 2015 |
abduljabbar4:Are you sure you even understand what this matter is all about!!! Do you think NOI was the one that spent the money? I think its high time APC gets to work and quit all this childish politicking!!! This new set of commissioners are political appointees dancing to the tune of the newly elected APC Governors. If they do otherwise they would get sacked |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Dannyset(m): 5:20pm On Jul 07, 2015 |
This was exactly what was happening that made the Govnrs to clamoured for sharing of this same money. The same thing continue to happen till this woman left office. Money will just disappear without proper explanation on what it was used for. When money are spent, sent, transferred, used or siphoned, there are ways to trace it without causing all these unnecessary stunts everybody is pulling. If they truly shared this money as Madam claimed, it's easy to detect. One thing that keep raising my interest in this issue is that the FAAC is made up of APC Commissioners alone. |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by alaoeri: 5:20pm On Jul 07, 2015 |
When the time comes, NOI will come out from where ever she is hiding & face the panel ditto diezani. |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by midolian(m): 5:22pm On Jul 07, 2015 |
chukwudi44: |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by jammani(m): 5:25pm On Jul 07, 2015 |
This woman is really trained, she is the virus and antivirus of finance/economy. She knows how to clean traces She is going to come out with evidence soon #Twaley |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 5:27pm On Jul 07, 2015 |
Of course they will see as witch hunting! first show me evidence and I will start screaming JAIL HER JAIL HER!!! |
Re: FAAC Disowns Okonjo-iweala; Denies Approving Withdrawal Of $2bn ECA by Nobody: 5:29pm On Jul 07, 2015 |
0lumide: APC ARE IN POWER AND YET YOU ARE STILL RANTING!!! OYA GO AHEAD AND JAIL HER MUMU |
NBC Begins Work On Nigeria Largest Mega Plant In Imo / Ebonyi Assembly Suspends The Minority Leader, Honourable Maria Ude Nwachi / Full List Of Appointments Made So Far By Buhari And Their States Of Origin
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 36 |