Nigeria's Excess Crude Account.

Ngozi Okonjo-Iweala has raised alarm over the depletion of the Excess Crude Account, which stands at a mere $ 3.6 billion. She also appealed to state governors challenging the constitutionali

ty of the Sovereign Wealth Fund to have a re-think, noting that the Fund is critical to national survival given Nigeria’s mono-economic status.

Nigeria could go broke in the next few years if it does not initiate savings from oil proceeds while lamenting that the Excess Crude account which has depleted to $3.6bn cannot sustain the nation in the event of an economic crisis.

“Should the price of oil drop we have no question. The $3.6bn in the excess crude account is not enough to sustain Nigeria for any period of time. Now that the price of oil is high we should be happy but because the quantity we produce as a country has dropped, we are not selling expected quantities so not much money is coming in. We are selling below budgeted quantities”.
She also disclosed that the Sovereign Wealth Fund which was created from the excess crude account could have been launched with more than $1bn but for stiff opposition from state governors who only sanctioned its creation with a capital of $1bn.

She also said 60% of our money and products comes from and goes to Europe and USA, if they are not doing well we suffer too. Unemployment in the USA is at a crisis level same as in Europe.