Okonjo-Iweala Reacts To Alleged $2.1bn Unauthorized Spending

The former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has reacted to claims that she spent $2.1 billion out of the Excess Crude Account without authorization.

According to The Nation, Okonjo-Iweala on Monday denied the allegation and has offered to face any form of inquiry measure.

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Reacting to claims by some governors after the National Economic Council (NEC) meeting in Abuja, her media adviser, Paul Nwabuikwu, said “the allegation by some governors that former Minister of Finance, Dr Ngozi Okonjo-Iweala spent $2.1 billion out of the Excess Crude Account without authorization is false, malicious and totally without foundation.”

Nwabuikwu in a statement on Tuesday said there was no unauthorized expenditure from the ECA under Okonjo-Iweala’s watch in the Finance Ministry.

“Decisions on such expenditure were discussed at meetings of the Federation Accounts Allocation Committee (FAAC) attended by finance commissioners from the 36 states,” he added.

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The former minister insisted that claims she “spent $2.1 billion without authorization” were simply not reliable given that details of government receipts and expenditure were made public.

According to the economic council, the unauthorised spending by the former minister was among the several anomalies discovered in the management of the nation’s economy between 2012 and May 2015.

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