The Minister of Finance, Mrs. Kemi Adeosun, said on Monday that the federal government has commenced payment into the Excess Crude Account (ECA), in line with efforts to rebuild fiscal buffers, ThisDay reports.
Adeosun said for the first time since the administration took over, the federal government last month paid $87 million into the ECA. Adeosun said this while speaking at The Platform, a programme organised by Covenant Christian Centre in Lagos on Monday.
Adeosun told her audience: “We are going to build an economy that really doesn’t care about what the price of crude oil is. There are 180 million of us in the country and we have two million barrels of oil per day. Kuwait has 3.9 million people and three million barrels of oil per day. So, we can’t afford to continue to behave like an oil economy.”
“An oil economy simply pumps the oil out, then use the dollars to buy everything they need. That is the economic model that Nigeria has largely been following. We export crude oil and then we buy everything. We don’t add value, we don’t get any of the by-products and that means that Nigeria has become a very unproductive economy. That is not the intention of the Nigerian dream,” she added.