Shamseldeen Ogunjimi, Accountant General of the Federation (AGF), has disclosed that Nigeria’s excess crude account (ECA) balance now stands at $535,823.39 as of August.
Gatekeepers News reports that Ogunjimi made this disclosure during the 151st meeting of the National Economic Council (NEC), presided over by Vice-President Kashim Shettima on Thursday in Abuja.
Created in 2004 under former President Olusegun Obasanjo, the ECA was designed to save oil revenues above the benchmark in the national budget, serving as a buffer against potential economic shocks triggered by fluctuations in global crude prices.
At present, crude oil is trading at $67 per barrel, which falls below Nigeria’s budget benchmark of $75 per barrel.
Addressing journalists after the NEC meeting, Ogunjimi, represented by Wale Edun, minister of finance, provided updates on key account balances.
According to him, the ECA currently stands at $535,823.39, while the stabilisation account holds ₦78.45 billion and the natural resources account has a balance of ₦106.73 billion.
The latest figure reflects a rise from $473,754.57 recorded in April. By contrast, in February 2021, the then finance minister, Zainab Ahmed, reported an ECA balance of $72.4 million.
However, on March 23, 2023, the Federation Account Allocation Committee (FAAC) confirmed the account had dropped to $473,754.57.
