Nigeria’s Excess Crude Account Thinned To $2.60b

…As Yuguda Insists Nigeria Not Broke

Minister of State for Finance, Mr. Bashir Yuguda has disclosed that domestic excess crude balance in the federation accounts stands at N19 billion while the excess crude account (ECA) remained $2.60 billion as at the end of January, 2015

While fielding questions from reporters shortly after this month’s Federation Account Allocation Committee meeting in Abuja on Tuesday The Federal Government has insisted that the country was not broke despite the headwinds militating economic growth in recent times.

To him, insinuation that the country is broke, is a political point made out of nothing.

Yuguda said in as much the country was meeting its financial obligations as a when due, it would be wrong to continue to make such unfounded insinuations.

‘’I don’t know the issue of the country being broke, people should come up with facts and figures of what it means for a country to be broke’’, Yuguda challenged.

He lamented however, that recent measures put in place to boost revenue from non-oil sources are yet to yield desired results mainly because the non-oil sector are still linked to oil and gas which has been facing uncertainties.

According to the communique issued by FAAC after the meeting, the three tiers of the government shared total sum of N500.130 billion for February 2015.

Meanwhile, state governments have expressed their doubts about the capability of electricity distribution companies (EDCs) to give Nigerians uninterrupted electricity supply within the foreseeable future.

Chairman, Forum of Commissioners of Finance of Nigeria (FCFN) and Commissioner for Finance and Economic Development, Ebonyi State, Barrister Timothy Odaah said at the occasion that in view of the urgent need to energize the economy through regular power supply, it has become necessary to call on President Goodluck Jonathan to direct the EDCs to do more as effect of privatization not felt yet by Nigerians.

‘’We took decision to let the Minister confirm to Mr. President that performance of EDCs in their respective states are nothing to write home about.

‘’Mr. President’s attention has to be called to direct these people to do more’’, he stated.