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Home Business News Politics

NIgeria Is Not Broke But Needs $5 billion To “Regain Stability” NOI

Nairametrics by Nairametrics
October 28, 2014
in Politics
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The Nigerian Minister of Finance,  Okonjo Iweala has said that for Nigeria’s economy to retain its current stability, the excess crude account which has been depleted to the tune of $4.1billion needs to be jerked up to $5billion.

This off course is against the backdrop of a falling Oil price which places more pressure on out foreign reserves as the CBN jostles to defend the Naira.

NOI

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“We have calculated that in order to help us regain this stability, we need a minimum of about US$ 5 billion. It helps to cushion our exchange rate so  if  we  go and withdraw it abruptly beyond that amount it causes a problem. You know we went down to $2 billion last year and then we built it up to $9 billion and there was insistence that we must share, which made it to come down to $2 billion but we later at least build it back to $5billion. Right now we are at $4.1 billion”.

She currently did not give any specifics regarding how we intend to source for this $5 billion if oil prices continue to fall.

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