'IMF’s Fiscal Monitor showing a low ranking for Nigeria does not refer to the Nigerian Sovereign Investment Authority' - Vanguard News

THE International Monetary Funds, IMF, may have run into difficulties with its positions on the management of Nigeria’s Oil revenue as the officials indicate that the Fund’s negative verdict was based on the country’s Excess Crude Account, ECA, and not the Sovereign Wealth Fund, SWF.

But contrary to what is stated in the report which specifically mentioned Sovereign Wealth Funds, Mr. Abebe Selassie, the Director, Africa Department, IMF, told a group of Nigerian journalists on the sidelines of the World Bank/IMF meeting yesterday that the Fund’s reference was to ECA. “The concern that we have is about the ECA, because if you recall that the ECA economically was set up to save resources when oil prices are high, and to be drawn on when oil prices are low. We do not think that the ECA has been doing effectively enough job that way.

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