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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   COVER STORIES $2.9b excess crude money intact—OKONJO-IWEALA By Sufuyan Ojeifo & Ben Agande Wednesday, September 15, 2004 ABUJA—THE Federal Government said yesterday that it had accumulated $2.9 billion (about N386 billion) as excess  proceeds from crude oil sales and shored up foreign reserve to $12.4 billion. Finance Minister, Dr. Ngozi Okonjo-Iweala, told  reporters shortly after an interactive session with the National Working Committee (NWC) of the People’s Democratic Party  (PDP) at the party’s national secretariat in Abuja that the proceeds remained intact contrary to speculations that the Federal  Government had been spending it secretly. However, the House of Representatives is to investigate insinuations that the money had been spent. Dr. Okonjo-Iweala, speaking to reporters said: “I want to say that the excess crude is being saved; not one penny of it is being  touched. We have saved N386 billion, equivalent of $2.9 billion at the moment and it has enhanced the foreign reserve to about  $12.4 billion. All of that is being saved for the Nigerian people.” Reps to probe allegation Meanwhile, House of Representatives is to investigate the allegation that the Federal Government has spent more than N100  billion from the excess crude sales. Chairman of the House Committee on Finance, Mallam Farouk Lawan, who confirmed this  to Vanguard, said the committee would get to the truth of the matter.The House in session had mandated the committee to  investigate the allegation following a complaint by a member that the Federal Government had begun spending the money  without recourse to the National Assembly as provided for in this year’s Appropriation Act.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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