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Excess crude account is intact - Finance Ministry

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THE Federal Ministry of Finance has denied news reports that 1.3 billion dollars is missing from the Excess Crude Account, describing the report as “ totally inaccurate.”

In a statement signed by the Special Adviser to the Minister of Finance, Paul C Nwabuikwu, the ministry said  “such  reports are a misrepresentation of what actually transpired during the appearance of the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala before an open hearing of the joint Finance Committees of the Senate and House.

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

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