February 3, 2014. Dr. Ngozi Okonjo-Iweala Coordinating Minister for the Economy and Minister of Finance Federal Ministry of Finance (FMF) Ahmadu Bello Way, Central Business District P. M. B. 14, Abuja Nigeria Dear Madam, AUDIENCE/CLARRIFICATION ON EXPENDITURES FROM THE EXCESS CRUDE ACCOUNT (ECA) The attention of The Shift Initiative (TSI) has been brought to a publication in Bloomberg News dated January 30, 2014 and captioned “Nigeria Pinching State Bond Bonanza Before Vote: Africa Credit” and particularly to a statement under the sub-heading Oil Revenue as follows: The Excess Crude Account, which holds the savings the nation makes when the oil price is above the rate estimated in the budget, dwindled to $2.28 billion by Dec. 31 from $8.65 billion at the end of 2012, according to Finance Ministry data. Internet link to the said article can be found at bloomberg/news/2014-01-30/nigeria-pinching-state-bond-bonanza-before-vote-africa-credit.html. A hard copy of the article is also attached herewith for your perusal. The statement quoted above implies that the Excess Crude Account (ECA) was depleted by 74% to the tune of $ $6.37 billion within a year (2012 to 2013) and moreover, the data is credited to “Finance Ministry.” Given the tripartite nomenclatures and objectives for which ECA now stands - Future Generations Fund, Nigerian Infrastructure Fund, and Stabilization Fund, vis-à-vis the spate of corruption allegations that continues to bedevil the polity especially the oil sector in recent times, TSI as a group of concerned and patriotic Nigerians feels compelled to seek audience/clarification from your good self as the Coordinating Minister for the Economy and Minister of Finance of the Federal Republic of Nigeria as to (1) the actual amount that was spent from the Excess Crude Account, (2) the time during which the amount was spent, and (3) the purpose for which the amount was spent. TSI is an over 3000-member strong non-partisan, non-sectarian and non-profit organization registered under the laws of Nigeria. We are committed to a shift from the so-called Nigerian mentality of “business as usual” to probity, accountability and transparency in public office and private life. Our membership draws from distinguished professionals, academics, politicians, public servants, students, business people etc. around the world. We commend your personal record of transparency and accountability in the management of our country’s finances. Your clarification of the subject matter of this letter will go a long way to restore credibility in government under the present dispensation of His Excellency, President Goodluck Ebele Jonathan, as well as boost public confidence in the high office which you occupy. Perhaps more importantly, your response will also help to assuage wide disaffection and resentment likely to be fueled by inaccurate facts and/or misinformation about the management of our national resources. Yours sincerely, For: The Incorporated Trustees of The Shift Initiative Chairman Secretary Enc. Cc:
Posted on: Sun, 02 Feb 2014 16:34:59 +0000
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