Buhari on Excess Crude Account

The President-elect slammed the Minister of Finance, Dr. Ngozi Okonjo-Iweala, for the depletion of the Excess Crude Account.

Okonjo-Iweala had said a significant portion of the billions of dollars drained from ECA over the past two years was distributed to governors instead of being saved for a rainy day

However, Buhari said the finance minister’s excuse was not acceptable.

“I’m afraid the finance minister has no cause to complain because the governors cannot force the central government to act outside the constitution,” he said.

On the contentious issue of oil block ownership and an equitable distribution of the country’s wealth, he suggested that partisan politics in Nigeria was the cause of the uneven distribution in the oil sector.

Buhari said that he wanted to formalise the oil sector in the country.

He said that the “proliferation of oil fields to people who don’t even know what it is, is one of the messes partisan politics has brought.”