The accountant-general of the federation (AcGF), Shamseldeen Ogunjimi, has revealed that Nigeria’s excess crude account (ECA) balance remains at $473,754.57 as of April 2025.
Ogunjimi provided the update during the 149th meeting of the National Economic Council (NEC), which was held Thursday at the Presidential Villa in Abuja. Vice-President Kashim Shettima presided over the session.
The ECA was created in 2004 under former President Olusegun Obasanjo to serve as a financial buffer, allowing the country to save oil revenues above budgetary benchmarks and cushion the economy against fluctuations in global crude prices.
Giving further updates, Ogunjimi said the stabilisation account, another key fiscal reserve, stood at ₦63.53 billion as of April. Meanwhile, the natural resources development account held ₦72.86 billion within the same period.
Despite its original purpose, the ECA has seen significant depletion over the years. In February 2021, then Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed that the ECA balance had dropped to $72.4 million.
By March 2023, the Federation Account Allocation Committee (FAAC) confirmed the balance had fallen further to $473,754.57 — the same amount Ogunjimi now reports. [CONTINUE READING HERE]>>>>>
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