New government will not inherit an empty treasury - minister says

Nigeria's incoming civilian rulers will not find an empty treasury when they take over power on 29 May after 15 years of uninterrupted military rule, Finance Minister Malam Ismaila Usman said on Wednesday. `The Guardian' quoted him as saying that at the end of April Nigeria's foreign reserves stood at over US $4 billion. He described as incorrect the notion that the previous administration, led by the late General Sani Abacha, had left some US $7 billion in reserves. Critics have accused Abacha's successors, the current military rulers, of looting the treasury before civilians take control of the country. Rather, he said, the government had been forced to complete priority projects and meet obligations before the new administration assumed power. These included US $250 million for the repair of Kaduna oil refinery, US $300 million for a liquefied natural gas project, and US $325 million to increase the capacity of electricity power generation plants.