Excess Crude Account rises to $3.45 Billion

Posted by News Express | 16 March 2014 | 2,836 times

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Nigeria’s Excess Crude Account (ECA) has increased by $1.34 billion, the Minister of Finance announced this evening.

This brings the total savings in the ECA to $3.45 billion. Before the latest development, there was $2.11 billion in the account.

In percentage terms, this represents an increase of about 63.5%.

According to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, the rise in the ECA signals the Federal Government’s commitment to rebuilding the country’s fiscal buffers by increasing the savings in the ECA and strengthening the foreign reserves.

•Photo shows Minister of Finance, Okonjo-Iweala.


Source: News Express

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