Business
FG Denies 1bn Dollars Missing From ECA
The Minister of Finance,
Dr Ngozi Okonjo-Iweala, has said that there was no money missing from the Excess Crude Account as reported in some national dailies.
Okonjo-Iweala disclosed this while presenting the proposed 2015 budget in Abuja.
According to her, report that one billion dollars was missing from the account was a misinformation.
“ Today I had seen a headline that said that there is one billion dollars missing in the Excess Crude Account.
“ I just want to use this occasion to correct that and say that there is absolutely no money missing and I do not know where that notion came from.
“ One billion dollars from the ECA has been used to pay oil marketers and we published this on December 2, showing that we put N154.6 billion to pay oil marketers.
“ This is why you now have about 3.1 billion dollars in the ECA and I will implore that if people need information on what is happening, we are available to answer the questions.
“ We should not frighten the country by making headlines that are untrue and bogus,’’ she said.
The minister said those types of information were designed to create fear and panic but emphasised that panic was not a strategy.
“ As I said earlier, panic is not a strategy; what is necessary is a systematic and focused approach to the problem and that is what this government is proposing.
“We should see this challenging times as opportunity to further move this economy on the right track and many commentators have also said this.
“Luckily this administration had taken to diversification seriously and begun to make inroads prior to this time,” Okonjo-Iweala said.
Okonjo-Iweala, however, warned Nigerians to be careful of those critics whose analyses were not only bogus but also not founded on facts.
She said the Federal Government was open to constructive criticism and ready to listen to them and give advices.
“ I want to use this opportunity to say that we should beware of a lot of misinformation on what the present economic situation portends
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The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.