Okonjo-Iweala was questioned on $20b Oil Cash Spending

Governors yesterday petition Minister of Finance Dr. Ngozi Okonjo-Iweala to account for over $20 billion accruable to the Excess Crude Account.They spoke after a unification meeting of the hitherto divided Nigeria Governors’ Forum (NGF), which ended in the early hours of yesterday.The meeting brought together governors from the Amaechi and Jang factions, which emerged after the bitter election of May 23, 2013.
                                                       The crisis is believed to have been
stoked by outgoing President Goodluck Jonathan.
But yesterday the two discord came together in a reconciliatory meeting and elected Zamfara State Governor AbdulAziz Yari as the forum’s chairman for the next one year.The meeting demanded an explanation from the minister on the money, which incurred to the account between June 2013 and April 2015.The communiqué of the meeting read by Rivers State Governor Rotimi Amaechi, said: “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 the 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- Iweala, to provide explanation for accruals to this account from June 2013 to April 2015, which is estimated at over $20 billion".

The government said the current Excess Crude Account has no real legal backing since it was formed under a political arrangement from the previous administration.The NSIA is expected to receive monthly funding of a significant portion of oil and gas revenue above the budgeted revenue and approved by parliament.