The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday revealed that the insistence by the states to share the money in the Excess Crude Account (ECA) led to the depletion of the account from $9 billion to $2 billion last year.
The Minister made this disclosure while defending the 2015-2017 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP) before the Joint Senate Committee on Finance and National Planning, stating that for the economy to maintain stability, the ECA which jumped from $2 billion to $4.1 billion needs to be further raised and stabilized at $5 billion.
“Nigeria as a country has quite enough assets and I think anybody inside and outside will agree with that. That is why it is very difficult when people say the country is broke, I say absolutely not because if we wanted to mobilize any of our assets to cover for any shorfalls, we could do that. Of course it could take a little bit of time,” Okonjo-Iweala said.