Davos - Minister of Finance and Supervising Minister of the Economy, Dr. Ngozi Okonjo-Iweala, has warned that the nation's economic growth is under serious danger from the massive decline in the Excess Crude Account (ECA), reports Vanguard.
The minister who was speaking at the World Economic Forum in Davos, Switzerland, said the continuous decline in the ECA is increasing the country’s risk of having a revenue crisis.
She said putting in place measures to address the dwindling oil revenue was a thing of an emergency, noting that the 2014 budget was made based on a very reasonable benchmark price for oil.
The ECA has been depleted to $2.5 billion as at January 17, 2014, compared with US$11.5 billion in December 2012.
Read more at Vanguard