Wednesday 20 May 2015

Nigeria: Governors Demand Okonjo-Iweala's Explanation for U.S.$20 Billion Oil Fund


The Nigeria Governors Forum (NGF) on Monday night demanded an explanation from the Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala on the $20 billion excess crude account.
At a meeting chaired by Governor Rotimi Amaechi of Rivers state in Abuja, the governors also reconciled and re-united as a single umbrella association "regardless of party differences."
The forum had been sharply divided for several months into two factions after an election of new chairman ended in controversy. One group was led by governor Jonah Jang of Plateau state (Peoples Democratic Party) and the other by Governor Amaechi of the All Progressive Congress (APC).
"In light of the fact that funds in the excess crude were last disbursed in May, 2013, there is need for the minister of finance and coordinating minister of the economy, Dr. Ngozi Okonjo-Iweala to provide explanation to this account from June 2013 to April, 2015 which is estimated at $20billion," a communiqué read by Ameachi after the meeting said.
The federal and state governments have been recording dwindling revenue since the fall in crude oil prices in the international market.
Many state governments now owe their workers as a result of poor revenue.
At the NGF meeting, Governor Abdullazeez Yari of Zamfara state emerged as new chairman by consensus for a period of one year (May, 2015 to May 2016.
The induction programmed for new and returning governors will be held in June, 2015 Amaechi announced.
The forum also congratulated the President-elect General Muhammadu Buhari on his victory at the recently conducted general elections.

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