Ngozi-Okonjo-IwealaContrary to some recent media reports that $1.03 billion is missing from the Excess Crude Account (ECA), the Coordinating Minister for the Economy (CME) and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has debunked such reports.

In a statement issued by her Special Adviser on Media, Mr. Paul Nwabuikwu, yesterday, the minister described the reports as totally inaccurate.

The statement declared that “such reports are a misrepresentation of what actually transpired during the appearance of Okonjo-Iweala before an open hearing of the joint Finance Committees of the Senate and House.”

“The minister had responded forthrightly to questions on the current level of the ECA and there was no disagreement as such,” the statement said, insisting that  “the balance in the account as stated by the minister is $4.3 billion.”

It admonished the media to seek information and clarification when in doubt rather than go to town with sensational headlines.


Information from This Day was used in this report.