The Rivers state government received a total of N257.6bn from the federation account between January and October 2013, Minister of Finance, Dr. Ngozi Okonjo-Iweala revealed yesterday.
 According to THE CABLE, Okonjo-Iweala said the governors’ forum had no basis asking her to account for $20 billion from the excess crude account (ECA) because details of the ECA are published every month.    

“The statement by the governors is totally strange because Federal Accounts Allocation Committee (FAAC), meets every month and the ECA is discussed at every session with all the state commissioners of finance present. “Nothing is hidden. At these meetings, the Minister of State, who is the Chairman of FAAC, announces the balance in the ECA which is then discussed.”

“Rivers received N257.6 billion from the Federation Account between January and October 2013,” she said and directed governors who need further explanation on the account to consult their commissioners.

“Gov. Rotimi Amaechi of Rivers, who was reported to have read the communique on behalf of the governors, made a similar unsubstantiated allegation in November 2013.

“He alleged in November 2013 that $5 billion was missing from the ECA but we subsequently showed with facts that the amount was not missing.” The statement added that in the interest of transparency and accountability, the ministry of finance would, in a couple of days, publish the details of the ECA for the last four years.