“That is not the only money Edo State Government has lost. You have heard of the last instalment of $4.1 billion that was in the Excess Crude Account as of November, 2014, and from that time till today,we have not; when I say we, federal, states and local governments have not touched that money. We have not agreed to take anything out of it, and yet it has been drawn down to about $2 billion. Which means $2.1 billion disappeared. If you listened and followed the conversation, when I made this allegation after the National Economic Council meeting that the former Minister of Finance and Coordinating Minister, Dr Okonjo-Iweala took $2.1 billion without approval and spent it in a manner that was never accounted for, she replied that I lied and said that it was the Commissioners and herself who agreed to distribute that money to the three tiers of government and that FAAC is the most visible expression of our true federalism. And that we shouldn’t claim that FAAC is unknown to us. That FAAC is a creation of law and so on and so forth.

“I’m going into this, because, as public servants, you need to understand not just the finances of Edo State but also the finances of Nigeria, particularly as they affect our state.

“Now the Commissioners of Finance met and they looked at themselves and they looked at Okonjo-Iweala and they submitted to Okonjo-Iweala that ‘madam, you lied, not Oshiomhole because in truth, we have no powers to decide withdrawals from the Excess Crude Account and that that power is vested in the State Governors at the level of the National Economic Council.’ But whether vested or not, we never, ever resolved to share money from that account.

“Now the former Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, confronted with these hard facts now shifted the argument that ‘oh no it is not FAAC that approved it, it was the former President Goodluck Jonathan that approved it.

“President Jonathan as far as the law of Nigeria is concerned, or any President, his approval is limited to funds of the federal government, not funds of the federation. Funds of the federation can only be approved by Governors and representative of the President as reflected in the composition of the National Economic Council, which is made up by Governors and chaired by the Vice President, with the CBN Governor and Minister of Finance and others as members. But there’s so much confusion now that Okonjo-Iweala can say one thing in the morning and tomorrow she will say I never said so. If she were a witness in a court of law, she would be declared a pathological liar whose evidence is of no value.

“So governments have lost a lot of money and the $2.1 billion, Edo State’s share of that, because that would have included derivation, we would have made about N2.6 billion. That, we have lost now to Okonjo-Iweala.

“Now that she claimed she used it, between herself and the last President, they agreed to take the money to pay oil marketers. But if you talk to those oil marketers, they will tell you that within that period, they were paid $1 billion not $2.1 billion. So in truth, about $1 billion was taken for election purposes and Edo State’s share of that should have been about N4.6 billion from that $2.1 billion that Dr Ngozi-Okonjo Iweala, the former Minister of Finance illegally took from Excess Crude account.

“For clarity, that is not the only money they have so illegally taken. If you look at the total number at a point, the excess crude account peaked at $10 billion and we now heard it dropped to $4.1 billion. This means at some point, another $6 billion was taken. So we are hopeful that by the time we carry out some forensic analysis, we will be able to show clearly how much of the funds accruing to the three tiers of government were unilaterally and illegally spent by the Federal Government under the former Minister of Finance,” the governor said.