$1 bn excess crude money “missing” as FAAC meeting ends in confusion

FILE PHOTO: Former Nigeria's finance minister, Ngozi Okonjo-Iweala and Former President Goodluck Jonathan

The Federation Accounts Allocation Committee, FAAC, meeting for November ended in confusion Tuesday as representatives of Nigeria’s 36 states and the Federal Capital Territory accused the federal government of not accounting for about $1billion(N168 billion) of excess crude oil money.

The Chairman of State Commissioners of Finance, Timothy Odaah, told reporters after the meeting which ended Tuesday night, that no state knew how the $1 billion difference reported in the Excess Crude Account balance, between October and November, came about.

The FAAC meeting is a monthly gathering of state finance commissioners and the federal finance ministry and the Accountant General of the federation, where federal oil receipts are shared between the federal and state authorities.

With falling oil price, the 36 states have turned more attention on the Excess Crude Account, which has depleted from more than $40 billion in 2007 to about $4 billion in 2014.

Though Mr. Odaah said the discrepancy has been noted for discussion at the next FAAC meeting, his disclosure called to question how transparent the management of the excess crude revenues is.

Prior to the October FAAC meeting, the Minister of Finance, Ngozi Okonjo-Iweala, had told reporters that the balance of the Excess Crude Account stood at $4.11billion.

At the event, the minster also revealed that the country’s external reserves rose from $36.6billion in June to $39.48billion as at October 16.

She also said the balance in the Sovereign Wealth Fund (SWF) stood at $1.55 billion.

But, at the end of the FAAC meeting on Tuesday, the Minister of state for Finance, Bashir Yuguda, told reporters that the current savings in the ECA had a balance of about $3.1 billion, raising questions about the $1billion difference.

Mr. Odaah had said on October that owing to the dwindling revenue allocation to the states from the federation accounts as a result of falling oil prices, the states had sent a request to President Goodluck Jonathan that $2 billion be shared.

But he said on Tuesday that the states had no knowledge how the balance suddenly dropped from $4.1 billion to $3.1 billion.


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: Revealed!!! The Only Way Left of Getting an Extra Large Manhood and also Last Up to 38Mins+. Get the Insider Secret Here


TEXT AD: This NAFDAC APPROVED Solution Will Make You Stay Longer Than 40Mins In Bed Tonight And Help Your Erection. Click Here To Read The Free Reports


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • amazing2012

    Vote Jona out, solve Nigeria problem.

  • Yemi

    Na our oyel money and jonatha na son of the soil so he can do whatever he likes with the money. That is our Christian president who sees nothing wrong in stealing and somebody will tell me Buhari is a Moslem.
    Who cares if he amputates the hands of politicians that steal peoples’ money bcos their actions have multiplied negative effects than boko haram. No wonder Doyin Okupe said said Buhari has no reason to celebrate his poor status. Shior!

  • IN_90seconds

    People are tired of these fraudsters. Thank goodness the price of crude oil is nosediving.

    • Boltonboyan

      Brother, you are right, the price of crude oil keeps nosediving in the global market, but the prices of kerosene and petroleum in Nigeria, rather than decreasin seems to be rising. But unfortunately, Nigerians aren’t asking pertinent questions. Are we not in a failed nation?

  • adkogi4u

    Nigerians always receive negative news from Nigerians oils money, stealing from the federation coffers is not longer news, yet the same government are campaigning for another four years. corrupt officers are not jail. Nigerian government why legalizing stealing?

  • Boltonboyan

    With falling oil price, the 36 states have turned more attention on the Excess Crude Account, which has depleted from more than $40 billion in 2007 to about $4 billion in 2014.”
    Oh GOD, please have mercy on our dear country. Nigeria is certainly in the hands of wrong people. Dear God, às 2015 draws nearer, please appoint for us leaders that will be mercifulto the masses.

    • Kohwo Enaohwo

      The ECA was never $40 billion, you confusing ECA with Foreign Reserves. The ECA was $18 billion when OBJ left and it was instrumental in protecting Nigeria during the 2008-2010 world financial meltdown. So go figure, ignorance is a deseas.

  • rommy

    Now we know the meaning of this whole thing, to form a biafran army and save enough to av a biafran state….hahaha…yeye ppl….fedralism indeed!.

  • 2015 president

    Jona for life president

  • tundemash

    Jona wonder ! ……. from $40 billion in 2007 depeleted to about $4 billion in 2014. …. and yet some creek monkeys claimed this mor0n is the best President Nigeria has ever had.

    GEJ will bankrupt (cr. Tunde Bakare).

    Feb. 2015 should be here tomorrow so we can ship this “thing” down to Otuoke zoo !

    • warry

      you forgot when some Gov. took the FG to court that ECA should be shared.Have you forgotten how Oil bench mark became a very big issue in the passage of the budget.While the FG wanted a lower bench mark to encourage more savings the NASS said it must be a higher benchmark to encourage more spending.I recall the leader of one of the houses at the NASS saying how do you save money when people are hungry,Okonjonomics.

      • tundemash

        keep clinging to any straw like a dying e-rat you are ! Tales by moonlihght!

        • warry

          Those who are being paid to be be on this site can be seen from their language , frequency and consistency,because they have to earn their wages..They also adopt different names.

  • Chris1408

    The money is not missing, it’s deposited into a different account. GEJ administration of thieves

  • Rommel

    Having inherited over $50 billion dollars including forex and excess crude accounts from previous administrations when oil production was about 1.5 million bpd or less and prices in the range of $73 maximum,now that production is 2.5 million pbd with a stable price of over $100 for 4yrs and now sliding to $60,what I want to know from Madam Okonjo Iweala and co is how much this administration was able to save during the oil boom days?

  • clairvoyance

    Money loss money nor loss, how much this government save during oyel boom. Why them go thief both the one past administration save, thief the one they were suppose save, jonothing and is gang of thieves Neva thief our future so?

  • Engr Michael Goodluck Bassey

    The heading does not reflect the content..journalism

  • Adeyemi Michael

    NIGERIA CUSTOM AUCTION MARKET.
    We sell all kinds of tokunbo vehicles at cheap & affordable prices call custom OMAWUNMI on (07038290523), e.g Golf2,3,4 from #250,000-#350,000 Toyota camry #350,000, Big daddy=#550,000, Honda accord Baby boy=#450,000, Toyota matrix#500,000 Toyota hiace bus#600,000, Toyota Avalon=#550,000, Toyota corrola==#300,000, Honda Accord end of discussion(EOD)=#450,000, Honda evil spirit=#600,000, Toyota camry 2.2(Tiny light)=#350,000, Toyota Avensis=#500,000, Rav4=#450,000, Toyota seinna=#350,000, Highlander=#650,000, Murano=#700,000, Pathfinder=#500,000, Infinity jeep fx35=#900,000 & fx45=1.1m, Mercedes Benz ml350=750,000………and many more exclusive offers, hurry now to claim yours.
    The auction sales shall take place at the car fax zone seme boder, zone 11 custom quater.All vehicles engines are in good Condition.for distance request & requirements please contact our custom OMAWUNMI sales on this(07038290523)make your order.we deliver to any part of the country.,.,.

  • Olu Ade

    “Stealing is not corruption” by Jonathan

    Act 1 Scene 2: The money is just missing…

    We are waiting for Scene 2 of this drama…

  • Micheal Bamidele

    Grand theft pilot, if this govt. continues everyone on board will perish except the few extra lucky ones.

  • eddy

    I dey laugh ooo!!! Many people go end up in jail for a long long time from may 29 2015.

  • Ette

    GEJ has issued licence to all his officials to steal when he declared without shame that mere stealing of government money or resources is not corruption. All of them have been on stealing competition. Their wit end is coming soon.

  • Truthometer

    Everybody freeze and hands up! This is robbery in progress by Dumbo and his wrecking crew.

  • Babanine

    Banditry! That’s why they don’t want to leave power, PDP, GEJ Thievy Thievy

  • Yusuf

    Abrakadabra

  • CONSCIENCE

    Eh, they have finished this country. Who will fix this. Billions developing wings.

  • abdul

    I dey laugh ooooo!
    After all stealing is not corruption according to the oga at the top.

  • Ayo Dele

    It seems like its so easy to say billions are missing. But when they’re found, no one raises the alarm. More politics… Nigerians no longer know what to believe.

  • Olu from South Africa

    This needs to be echoed.“Jonathan has failed in all sectors including the economy and security and if he should be allowed to continue in office, this country is heading for serious disaster and it will be calamitous.” – Femi Fani-Kayode

  • TKBaba

    Where is the oversight from the National Assembly?

    Who approved this withdrawal?

    This is an impeachable offence if the money was spent without aprroval from the National Assembly.

  • Tahir

    Ask TAN ambassadors!