FG says surplus crude account balance now stands at $ 72.4 million – Nairametrics
The Federal Government has announced that Nigeria’s Crude Excess Account (ECA) balance as of January 20, 2021 is $ 72,411,197.80.
It was disclosed by Minister of Finance, Budget and National Planning, Zainab Ahmed at the first meeting of the National Economic Council of the year chaired by Vice President Yemi Osinbajo, SAN, with State Governors, Minister of Territory of the federal capital, the governor of the central bank and other senior government officials meanwhile.
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The FG said, âThe balance of the ECA as of January 20, 2021, $ 72,411,197.80; Stabilization account, balance at January 19, 2021, N28, 800, 711 295.37; Natural Resources Development Fund account, balance as of January 19, 2021, N95, 830 729 470.82. “
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What you should know
- In August 2015, during the early days of the Buhari administration, the ECA stood at $ 2.2 billion. It stood at $ 3.6 billion in February 2014, one of the highest balances on record.
- According to the Central Bank of Nigeria’s annual report for 2018, Nigeria’s gross surplus account increased from $ 2.45 billion in 2017 to $ 480 million in December 2018.
- In 2019, Nairametrics reported that Nigeria’s crude surplus account fell to $ 480 million. It was then that the controversy continued to follow the $ 1 billion military spending that was taken out of Nigeria’s crude surplus account.
- Nairametrics reported in July 2020 that the ACE had fallen by around 98% over the past 5 years to reach $ 72 million.
- Nigeria has two sovereign funds: the Excess Crude Account and the Nigeria Sovereign Investment Authority (NSIA). Note that these two are financed by savings made when oil prices are at their peak.