Of this amount, N56.2 billion is from the Excess Crude Account (ECA), the Federal Ministry of Finance said Monday.
A statement issued by Mr. Paul Nwabuikwu, Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala said: “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,” the statement added.
It, however, pointed out that Rivers State received N56.2 billion from the Excess Crude Account “which His Excellency identified as the Federation Account.”
The money, the statement added, was 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.