Zainab Ahmed: Nigeria’s gross account surplus balance stands at $ 72.4 million
Zainab Ahmed, Minister of Finance, Budget and National Planning, said the country’s gross surplus (CEA) account balance as of February 16, 2021 was $ 72.4 million.
The minister revealed it in Abuja, during the 113th meeting of the National Economic Council (NEC), the second of the year.
The ECA was established in 2004 by former President Olusegun Obasanjo to save excess oil revenue above the annual budget benchmark, with the overarching objective of protecting the country from economic shocks that may result from price volatility. of crude oil in international markets.
“Stabilization account, balance at February 16, 2021, N23.535.303.012.91; Natural Resources Development Fund account, balance as of February 16, 2021, N88 512 898 420.24, ”she said.
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.
During the meeting, Mele Kyari, group general manager of the Nigerian National Petroleum Corporation (NNPC), said the impact of the COVID-19 pandemic has forced all countries to cut production to control prices.
“At the height of Covid-19, we manufactured 12 million barrels per day, and the NNPC contribution has kept the price of gasoline at N162 – N163 since September.
“We can avoid subsidizing the plan because it has a collateral impact and therefore the government cannot maintain it. “
At the end of the meeting, the board decided to come up with an idea that addresses people’s concerns and to meet with the relevant actor who will come up with a plan that will soften the effect of social security regulations.