Nigeria Needs $5Billion To Stabilise Excess Crude Account -Okonjo-Iweala

Nigeria's Minister of Finance
Not less than $ 5billion is needed by the Nigeria government to sustain stability in its excess crude account which stands at $4.1 billion, Minister of Finance and Coordinating Minister of Economy, Dr (Mrs) Ngozi Okonjo-Iweala, declares on Monday.
Minister of Finance and Supervising Minister of the Economy
Minister of Finance and Supervising Minister of the Economy

The Minister who was the guest of Senate Joint Committees on Finance and  National Planning while considering the 2015-2017 Medium Term Expenditure Framework (MTEF) as a working document for the 2015 budget, also gave assurance that the country is not broke because the country has enough assets.

According to Okonjo-Iweala: “Nigeria as a country has quite enough assets and I think anybody inside and outside will agree to that. That is why is is very difficult when people say the country is broke, I say absolutely not because if we wanted to mobilise any of our assets to cover, we could do that. Of course it could take a little bit of time.

“However that does not mean that we cannot have some cash flow fluctuations, we just have to manage it because we have an economy that is reasonably self sufficient.

“We are able to manage ourselves well and everybody is willing to do a few things we should be able to get there,” the minister told the senate committee.