Nigeria’s Excess Crude Account Drops to Just $473,754 from $72 Million
Nigeria’s Excess Crude Account Drops to Just $473,754 from $72 Million
The balance in Nigeria’s Excess Crude Account (ECA) has dwindled significantly to $473,754.57 as of April, according to Shamseldeen Ogunjimi, the acting Accountant-General of the Federation. He disclosed this update during the 149th National Economic Council (NEC) meeting held at the Presidential Villa in Abuja, chaired by Vice President Kashim Shettima.
The ECA, introduced in 2004 under former President Olusegun Obasanjo, was designed to serve as a buffer against oil market volatility by saving oil revenues that exceed the budgeted benchmark.
As of April 2025, the Stabilisation Account holds N63.53 billion, while the Natural Resources Development Fund stands at N72.86 billion.
The ECA balance has remained stagnant for months, reflecting a steep decline from the $72.4 million reported in February 2021 by Zainab Ahmed, the former Minister of Finance. By March 2023, the Federation Account Allocation Committee (FAAC) had already reported a similar low balance of $473,
754.57.
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