Following allegation that a whopping $5 billion is missing from the Excess Crude Account (ECA), the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has asked Governor Rotimi Amaechi of Rivers to double-check his books.
The Minister in a statement on Monday reminded Governor Amaechi that Rivers State Government has so far received N56.2 billion from the same ECA that he alleged funds were missing.
Dr. Okonjo-Iweala, also said the fund in question had been shared among the three tiers of government- Federal, States and Local Governments.
Governor Amaechi had at the weekend during the Nigeria Governors’ Forum (NGF) retreat in Sokoto, claimed that $5 billion was missing from the Excess Crude Account.
The Minsiter stated, “Governor Amaechi cannot deny knowledge of the status of the Excess Crude Account; Rivers State has received N56.2 billion from the Excess Crude Account between January and September 2013.
“Governor Rotimi Amaechi of Rivers State has been quoted in recent media reports as saying that $5 billion is missing from the Excess Crude Account (ECA). This statement is absolutely shocking and false.
“Governor Amaechi cannot credibly deny knowledge of the status of the ECA. He has been closely involved and actively participated in making requests to the Presidency for the ECA to be shared for the purpose of augmenting the regular allocations from the Federation Account whenever there is a shortfall.
“The $5 billion in the ECA which Governor Amaechi referred to in his statement has been shared to the three tiers of government to make up for the revenue shortfalls during the Federation Accounts Allocation Committee process. Part of this fund also went for SURE-P payments and the balance for subsidy payments to oil marketers.
“Rivers State received N56.2 billion, the second highest share among the states, for January to September 2013 from the Excess Crude Account. This amount includes N43 billion for shortfalls plus N12 billion released for SURE-P.
“In fact, earlier this month (November 2013), Rivers State along with other states, benefitted from the sharing of $1 billion from the ECA to augment the allocations.
“It is, therefore, curious that Governor Amaechi seems not to know the whereabouts of the N56.2 billion which Rivers State has received from the ECA this year.”
