Nigeria Not Broke Says Yuguda, As Excess Crude Account Falls Under $3Billion

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.

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***PR Nigeria
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