Excess Crude Account rises to $3.45bn

The Federal Government has claimed that the Excess Crude Account has increased to $1.34bn, bringing the total to $3.45bn.

This is coming after the ECA was depleted from about $8bn to $2.11bn last month.

This represents an increase of about 63.5 per cent.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed the rise on Sunday in a statement issued by her Media Assistant, Mr. Paul Nwabiuku.

She said the rise in the ECA signalled the Federal Government’s commitment to rebuilding the country’s fiscal buffers by increasing the savings in the ECA and strengthening the foreign reserves.

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