Excess Crude Account Money Is Intact -Okonjo-Iweala

former Minister of Finance and Coordinating minister of the economy.
 The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has denied media reports alleging that $1.03 billion is missing from the Excess Crude Account (ECA), describing it is totally inaccurate.

The minister said media reports making such allegations are a misrepresentation of what actually transpired during the appearance of the minister before an open hearing of the joint Finance Committees of the Senate and House of Representatives.”

In a statement by the special adviser to the minister Paul Nwabuikwu, the minister said she responded forthrightly to questions on the current level of the ECA and that there was no disagreement as such.

“The balance in the account as stated by the minister is $4.3 billion. The media are therefore advised to seek information and clarification when in doubt rather than go to town with sensational headlines,” the statement added.

It will be recalled that some media reported that the Federal Government and the Senate, on Monday, disagreed over the whereabouts of $1.03 billion Excess Crude Funds.

The alleged disagreement followed the disclosure by the Coordinating Minister for the Economy and Minister of Finance that the balance in the Excess Crude Account amounted to $4.3 billion.

The minister did not, however, say the total accrual to the account at a Joint Senate Committee of Finance and Appropriation meeting on the 2013 budget and Federal Government revenue-generating agencies.

A member of the committee, Senator Ita Enang, who was apparently unimpressed by the minister’s disclosure had argued that records available to the committee showed the total inflow into the Escrow account was $14.06 billion while the total outflow from the account was $9 billion.


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