Nigeria’s Excess Crude Account Balance Stable, Unchanged at $473,754

The Accountant-General of the Federation, Shamseldeen Ogunjimi, has revealed that Nigeria’s Excess Crude Account (ECA) balance remains at $473,754.57 as of April 2025.

This update was provided during the 149th meeting of the National Economic Council (NEC) held at the Presidential Villa in Abuja, which was presided over by Vice-President Kashim Shettima.

The ECA was established 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.

However, despite its original purpose, the ECA has seen significant depletion over the years.

In addition to the ECA update, Ogunjimi also reported that the Stabilisation Account stood at ₦63.53 billion as of April, while the Natural Resources Development Account held ₦72.86 billion within the same period.

It is worth noting that the ECA balance has remained unchanged since March 2023, when the Federation Account Allocation Committee (FAAC) confirmed that the balance had fallen to $473,754.57.

This amount was also reported by the then Minister of Finance, Budget, and National Planning, Zainab Ahmed, in February 2021, when the ECA balance had dropped to $72.4 million.

The unchanged ECA balance raises concerns about the country’s ability to save and manage its oil revenues, and the potential impact on the economy.

As the country continues to navigate the challenges of fluctuating global crude prices, the importance of maintaining a healthy ECA balance cannot be overstated.