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Rivers State has received N257.6 Billion (NOT N56.2B) from Federation Account this year —Okonjo-Iweala

By News Express on 25/11/2013

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The total amount which Rivers State received from the Federation Account between January and October 2013 is N257.6 and not N56.2 billion, the Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has said.

The money, according to her, “is the second highest among the states, of which the N56.2 billion from the Excess Crude Account is a part.”

Okonjo-Iweala made this disclosure while clarifying Rivers State’s receipts from the Excess Crude Account and the Federation Account.

Replying to a statement on the issue by the Rivers State Government, Okonjo-Iweala said through her Special Adviser, Paul C Nwabuikwu:

“It is obvious that His Excellency, Governor Rotimi Amaechi of Rivers State, wants to engage in a politicised debate on the management of the economy. We prefer to focus on facts.

But we thank him most sincerely for at least admitting that he received N56.2 billion. We also commend him for accepting that there was no intention by the Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala not to sign the Water Resources loan from the African Development Bank. Please recall that these were the only two issues that he previously raised in his well-publicised comments.

“It is a fact that Rivers State received N56.2 billion from the Excess Crude Account which His Excellency identified as the Federation Account. Of course, the money is taken from the Excess Crude Account and put into the Federation Account before being shared. That is the standard procedure. The total amount that the states receive from the Federation Account is far in excess of what they get from the Excess Crude Account.”

•Photo shows Okonjo-Iweala.

Source News Express

Posted 25/11/2013 10:55:53 PM

 

 

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