$20 Billion Excess Crude Account: Governors Reunite To Fight Okonjo-Iweala

Nigeria’s governors, yesterday, put aside the 2-year feud that fictionalized the Nigeria Governors Forum and demanded an account of the estimated $20 billion they claimed accrued to the Excess Crude Account, while the NGF crisis lasted. The demand which was directed at the Minister of Finance, Dr. Ngozi Okonjo-Iweala, was immediately rebuffed by the minister, who asked the governors to seek clarification from their finance commissioners.
Reflective of their new unity, the governors by consensus, adopted Governor Abdulaziz Yari of Zamfara State as the new chairman of the NGF to take over from Governor Rotimi Amaechi, who presided at the session.

Rising from the meeting which commenced late on Monday and ended in the wee hours of yesterday, the governors urged the minister to explain the circumstances surrounding the money that accrued to the ECA between June 2013 and April 2015.

Reading a communiqué at the end of the meeting which started 9:pm and ended 1:am, the outgoing chairman, Gov. Amaechi announced that Governor Yari was adopted as chairman of the body to serve for one year from May 2015 to May 2016. The communiqué read thus:

“We are hereby reconciled and reunited as a single umbrella association of the 36 state governors of Nigeria regardless of party or region. Forum congratulates the President-elect, Muhammadu Buhari on his victory in the recent presidential election which held on March 28, 2015 and President Goodluck Jonathan for his statesmanship in accepting the outcome of the elections. 

“In light of the fact that funds in the Excess Crude were disbursed in May 2013, there is need for the Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala to provide explanation for accruals to this account from June 2013 to April 2015 which is estimated at over$20 billion.”

Source: Vanguard