BREAKING NEWS: Okonjo-Iweala denies unauthorized spending of ECA

The former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has denied claims she spent $2.1 billion out of the Excess Crude Account without authorization and has offered to face any inquiry over the allegation.

Reacting to Monday’s claims against the former finance minister by some governors after the National Economic Council (NEC) meeting in Abuja, her media adviser, Paul Nwabuikwu, said “the allegation by some governors that former Minister of Finance, Dr Ngozi Okonjo-Iweala spent $2.1 billion out of the Excess Crude Account without authorization is false, malicious and totally without foundation.”

Nwabuikwu in a statement made available to The Nation on Tuesday said there was no unauthorized expenditure from the ECA under Okonjo-Iweala’s watch in the Finance Ministry.

“Decisions on such expenditure were discussed at meetings of the Federation Accounts Allocation Committee (FAAC) attended by finance commissioners from the 36 states,” he added.

The former minister insisted that claims she “spent $2.1 billion without authorization” were simply not credible given that details of government receipts and expenditure were made public.