Indications emerged yesterday that $1.03 billion is missing from Nigeria’s Excess Crude Account (ECA) in the Central Bank of Nigeria (CBN).
This disclosure came to the fore during the Joint Senate Committee of Finance and Appropriations on the 2013 budget and federal revenue-generating agencies.
A member of the committee, Senator Ita Enang and Coordinating Minister of the Economy and Finance Minister, Mrs. Ngozi Okonjo-Iweala, gave different figures of funds accruing to the ECA.
In the first instance, Senator Enang, quoting from records available to the committee, said so far, $14.06 billion was inflows to the ECA, while $9 billion is outflow, leaving a balance of $5.06. The minister, who did not tell the committee how much accrued to ECA said there is a balance of $4.03 billion.
The difference in figures started when Senator Enang asked Okonjo-Iweala how much Nigeria has in the ECA, how much goes to the SWF and what the ECA is used for.
The minister replied that the balance in the ECA stands at $4.3 billion and the “primary use is in the payment of oil subsidy for the country…Money goes in and comes out almost immediately.”
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