Former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has refuted claims that she spent $2.1 billion out of the Excess Crude Account without authorization.
According to a statement issued by her Media Adviser Mr. Paul Nwabuikwu, Okonjo-Iweala described the allegation as false, malicious and totally without foundation, as no unauthorized expenditure from the Excess Crude Account was made under Dr. Okonjo-Iweala’s watch in the Finance Ministry.
The former minister noted that 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,” the statement read in part.
Okonjo-Iweala therefore expressed her readiness to respond to legitimate enquiries about issues under her purview as Finance Minister.