Nigeria’s Excess Crude Account Stagnant At $473,754″- Accountant-General, Shamseldeen Ogunjimi
The Accountant-General of the Federation, Shamseldeen Ogunjimi, has confirmed that Nigeria’s Excess Crude Account (ECA) remains at a balance of $473,754.57 as of April 2025.
Ogunjimi made the disclosure during the 149th session of the National Economic Council (NEC) held on Thursday at the Presidential Villa, Abuja. The meeting was chaired by Vice President Kashim Shettima.
The ECA, established in 2004 under the administration of former President Olusegun Obasanjo, was designed as a financial safeguard to store oil revenues earned above the official benchmark price and to protect the economy against oil price volatility.
During his presentation, Ogunjimi also reported that the stabilisation account holds ₦63.53 billion, while the natural resources development fund currently stands at ₦72.86 billion.
Despite its critical role, the ECA has seen a steady decline over the years. In 2021, former Minister of Finance, Budget, and National Planning, Zainab Ahmed, had revealed that the ECA balance had fallen to $72.4 million. By March 2023, the Federation Account Allocation Committee (FAAC) announced it had further dropped to $473,754.57 — the same figure Ogunjimi reconfirmed at Thursday’s meetinmeti
