Nigeria’s excess crude account now $535,823, says AGF

Shamseldeen Ogunjimi, accountant-general of the federation (AcGF), says Nigeria’s excess crude account (ECA) balance is now $535,823.39 as of August.

Ogunjimi spoke during the 151st national economic council (NEC) meeting, chaired by Vice-President Kashim Shettima, on Thursday in Abuja.

The ECA was established in 2004 by former President Olusegun Obasanjo to save excess oil revenues above the benchmark in the annual budget, with the overriding objective of insulating the country from economic shocks that may arise from volatility in crude oil prices in international markets.

The current crude oil price on the international market is $67 per barrel as at 9:52 am local time — lower than Nigeria’s budget benchmark of $75 per barrel.

Speaking to journalists, Ogunjimi, represented by Wale Edun, minister of finance, gave an update on vital account balances in the country, including the ECA.

He said the excess crude account stood at $535,823.39, adding that the stabilisation account stood at N78,453,757,583.19.

The AGF also presented the natural resources account at N106,727,969,527.59.

The nation’s ECA represents an increase from the previous $473,754.57 figure as of April.

In February 2021, Zainab Ahmed, former minister of finance, budget and national planning, said the nation’s ECA balance was $72.4 million.

However, on March 23, 2023, the federation account allocation committee (FAAC) said the balance in the excess crude account was $473,754.57.