Nigeria oil savings drop to $6.2 billion: minister

REUTERS

February 8, 2010 04:22PM

Nigeria's windfall oil savings in its excess crude account have fallen to around $6.2 billion as the government spent to counter the impact of a global downturn, junior finance minister Remi Babalola said on Monday.

Finance Minister Mansur Muhtar said in October the oil savings, which are supposed to cushion the OPEC member from the impact of any decline in world oil prices, stood at around $7 billion.

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Reader Comments (9)

Posted by ikwa ibom! on Feb 08 2010

why care about oil money! what happen to the ground nut pyramid? are the soils no more fertile?

Posted by Ashaye wasiu o on Feb 08 2010

Nigeria oil had been drank by thieving ruling cabals we shal place their names 4 media consumption keep a date wt us very soon. Courage is nt lacking in igboland but vp,Aadoaka & dora has no moral assesment in advising d nation bcos dey are d only problematic human we have.pls advise if dey cant continue dey shud resign?from experience who cause d Aba women riot in 1929 and parlimentary terrorism in 1967 and move 4 Nigeria independence without a single gun shot from Natnal inteligence of british colonialism to 1999 civilian democratic dictatorship from military-intransition. Here in nigeria,we had been ruled by 6 different senate presidency! lest we 4get,what hapen again, if we sworn- in Zologists as acting president ...lets rethink and act fast b4 dey ruin us

Posted by Fatai on Feb 08 2010

Northern mismanagement! What do we expect when we allow those who do not produce wealth to manage wealth?

Posted by IGBO MAN on Feb 08 2010

One funny thing about Nigeria was that every body use to talk bad of an hausa/fulani man, call them whatever you like, but they are still ruling, and when ever they loose control and remove their daggers, everybody will take cover. But which account are they talking about, I guess we have so many accounts and of what profit will that be to me, NONSENCE...

Posted by A Ali on Feb 08 2010

Is that what is left from the over $50 Billion Foreign reserve Obasanjo left?

Posted by Riot5000 on Feb 08 2010

A NATION OF COWARDS. Ojukwu did his part, now, it's up to the rest of the people to determine how to live and the value of life as it is in Nigeria. WHO WILL ASK QUESTIONS?

Posted by spain on Feb 08 2010

@fatai@why the north?don´t you have governor´s in the south who has stolen from the treasure too?why tribal semtiment to help nigeria? stop been racist in nigeria we are all black people

Posted by Flifli on Feb 09 2010

Wait a minute! Was it not 32 billion like two years ago! This people have killed us!

Posted by MATT on Feb 09 2010

THIS IS STUPIDITY OF IT HIGHEST ORDER. THESE PEOPLE ARE ONLY INTERESTED IN DRAINING OFF THE OIL WELLS, AND PROBABLY CARTING AWAY THE MONEY. GOD PUNISH YOU ALL!!! CHECK OUT THE WORLD TALLEST BUILDING, BURJ_KHALIFA - BUILT WITH ONLY $1.5 B, WHILE SOME STUPID INDIVIDUALS NOT MIND RUNNING AWAY WITH HUNDREDS OF BILLION DOLLARS: IBORIS, BABANGIDAS, ALAMAESIAS, ATTAHS....