Nigeria: FAAC Disowns Okonjo-Iweala - Denies Approving Withdrawal of U.S.$2 Billion Excess Crude Funds

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".

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