Nigeria’s Excess Crude Account (ECA) is very much intact – contrary to recent media reports alleging that $1.03 billion is missing from the account.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, stated this this evening via a press release by her Special Adviser, Paul C Nwabuikwu.

Nwabuikwu dismissed reports about a missing $1.03 billion from the account as “totally inaccurate” and “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.”

“The minister,” he said, “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.”

•Photo shows Okonjo-Iweala.