Minister of Finance, Dr. Ngozi Okonjo-Iweala has said that the Federal Government would increase its fiscal capability by raising the Excess Crude Account, ECA to $6.3 billion prescribed to it by the World Bank. She made the statement in Washington DC, US. Okonjo-Iweala explained the financial shoring up was necessitated by the Bank’s advise on the need to increase its external reserves from the current $4.1 billion to about $6.3 billion.
Assuring Nigerians against pressing the panic button, the former World Bank executiive said “We would look at how we would strengthen the buffer. There is no cause for alarm; we are on top of the game. We have to be realistic about our ability to spend.”
She stated that economic management team she leads is working on contingency plans and has begun analysing various modules and scenarios in terms of oil price shocks.
The plan, she said, will ensure that the economy does not suffer despite drop in global oil price.