Excess Crude Account Declines by 89 per cent

Nigeria’s excess crude account declined by 89 per cent in the last eight years, moving from $4.1bn in November 2014 to $472,513 in the same period of 2022.

According to a statement by the Ministry of Finance, Budget and National Planning, the ECA’s balance as at November 23, 2022, stood at $472,513.64.

The ECA is the Federal Government’s fiscal account that was created to save revenues in excess of the budgetary benchmark price that were generated from oil sales.