Federation Account: Rivers got N256.7bn in 2013 – FG

The Federal Government announced on Monday that the Rivers State government collected the sum of N256.7bn from the Federation Account in 2013.

The Rivers State governor, Rotimi Amaechi had reacted to the claims that the state got N56bn from the excess crude account by explaining that the money was from the Federation Account.

However, in a statement, the Federal Ministry of Finance, through the Special Adviser to the Coordinating Minister for the Economy Paul C. Nwabuikwu, said 'the total amount which Rivers State has received from the Federation Account between January and October 2013 is N257.6 billion, which is the second highest among the states, of which the N56.2 billion from the Excess Crude Account is a part.

'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,' the statement noted.

The ministry stated it preferred to focus on the facts of the matter, although Governor Amaechi wanted 'to engage in a politicised debate on the management of the economy, the Federal Government'.

The statement thanked the governor 'for at least admitting that he received N56.2 billion,' adding that, '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 Finance Ministry said.