Ex-Finance Minister spent $2.1bn without approval - NEC

The Federal Government has accused former Minister of Finance, Ngozi Okonjo-Iweala, of spending $2.1bn from the Excess Crude Account without approval.

This was disclosed on Monday, June 29, 2015, by the National Economic Council (NEC) which is chaired by Vice President, Yemi Osinbajo.

The NEC also consists of Nigeria’s 36 state governors and Central Bank governor, Godwin Emefiele.

“We looked at the numbers for the Excess Crude Account. The last time the former Minister of Finance and Coordinating Minister of the Economy, Mrs Ngozi Okonjo-Iweala, reported to the council, and it is in the minutes, she reported by November 2014 that we had $4.1 bn,” Edo State Governor, Adams Oshiomhole told journalists after the NEC meeting in Abuja.

“Today, the Accountant-General Office reported we have $2.0bn. Which means the honourable minister spent $2.1bn without authority of the NEC and that money was not distributed to states, it was not paid to the three tiers of government,” he added.

Oshiomhole had earlier accused Okonjo-Iweala of borrowing heavily to satisfy the expenditure of the Goodluck Jonathan administration.