NGF asks minister to account for $20bn excess crude fund

monjola sotubo

May 19, 2015 6:02 PM

The sum, according to the NGF, represents the total amount of accruals for the Excess Crude Account in the past two years.

Finance minister, Dr. Ngozi Okonjo-Iweala

The Nigeria Governors’ Forum (NGF) has asked Minister of Finance, Ngozi Okonjo-Iweala to explain how the $20 billion excess crude fund was disbursed.

The governors made the demand on Tuesday, May 19, 2015, after a four-hour meeting which held at the Transcorp Hilton Hotel, Abuja.

A communique issued by the NGF reads:

“In the light of the fact that funds in the Excess Crude Account 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 explanations for accruals to this account from June 2013 to April 2015 which is estimated at over $20 billion.”

Meanwhile, Governor Abdulaziz Yari of Zamfara State has emerged the new Chairman of the NGF, to take over from Rivers State Governor, Rotimi Amaechi, whose tenure has expired.

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