The Minister of state for Budget and National Planning, Clem Agba, has announced that Nigeria’s Excess Crude Account (ECA) balance as of October is $60, 857,773.43.
“Excess Crude Account (ECA) balance as at 13th October 2021 stands at $60, 857,773.43; Stabilisation Account, balance as of 13th October stands at N25,009,892,511.55; Development of Natural Resources Account balance as at 13th October 2021 stands at N56,144,024,000.71,” the statement said.
This shows that the balance had reduced drastically by $2 billion from the $2.1 billion left by Goodluck Jonathan’s administration, People's Gazette reports.
NEC on July 13 announced that the excess account balance stood at $60.8 million while the stabilisation account was N26.3 billion with the natural resources account balance standing at N23.5 billion.
Created in 2004 by former President Olusegun Obasanjo for the sole aim of saving oil revenue in excess of the budgeted benchmark, the ECA stood at $3.6 billion in February 2014, one of the highest balances on record.
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