Excess Crude Account is intact - Okonjo-Iweala

The Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala has stated that the excess crude account is intact contrary to media reports.

According to a statement by Paul Nwabuikwu, Special Adviser to the minister on Media, recent media reports alleging that $1.03 billion is missing from the Excess Crude Account are totally inaccurate.

'Such reports are a misrepresentation of what actually transpired during the appearance of the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala before an open hearing of the joint Finance Committees of the Senate and House,' he said.

He said that the Minister had responded forthrightly to questions on the current level of the ECA and there was no disagreement as such.

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