BREAKING SCAM: Okonjo-Iweala Spent $2.1bn

BREAKING SCAM: Okonjo-Iweala Spent $2.1bn

The National Economic Council has accused a former minister of finance Ngozi Okonjo-Iweala of spending $2.1bn from the Excess Crude Account without authorisation. 

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The council said: "We looked at the numbers for the Excess Crude Account. The last time the former Minister of Finance and Coordinating Minister of the Economy, Mrs Ngozi Okonjo-Iweala, reported to the council, and it is in the minutes, she reported by November 2014 that we had $4.1 bn."

"Today, the Accountant-General Office reported we have $2.0bn. Which means the honourable minister spent $2.1bn without authority of the NEC and that money was not distributed to states, it was not paid to the three tiers of government,” Edo State Governor Adams Oshiomhole told State House correspondents after the NEC’s 58th meeting in Abuja," the institution explained.

 READ ALSO: Three Questions On Corruption Okonjo-Iweala Must Answer

According to the economic council, the unauthorised spending by the former minister is among the several anomalies discovered in the management of the nation’s economy between 2012 and May 2015.

The source notes that within the period, the Nigerian National Petroleum Corporation was said to have earned a total of N8.1tn but remitted only N4.3tn.


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Khadijah Thabit (Copyeditor) Khadijah Thabit is an editor with over 3 years of experience editing and managing contents such as articles, blogs, newsletters and social leads. She has a BA in English and Literary Studies from the University of Ibadan, Nigeria. Khadijah joined in September 2020 as a copyeditor and proofreader for the Human Interest, Current Affairs, Business, Sports and PR desks. As a grammar police, she develops her skills by reading novels and dictionaries. Email:

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