BUSINESS

Nigeria’s Excess Crude Oil Account Down To $473,754 As Of September 2023

 

The National Economic Council (NEC), says the Excess Crude Account (ECA) balance as of September 2023 is $473,754.

The Deputy governor of Enugu, Ifeanyi Ossai, made the disclosure to state house reporters on Thursday at the Presidential villa in Abuja, following the conclusion of the NEC meeting.

ECA is the name of a Nigerian government fiscal account that was created to save revenues—in excess of the budgetary benchmark price—that were generated from the sale of oil.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in August announced that the balance in Nigeria’s Excess Crude Account (ECA) as of August 22, 2023, was $473,754.57.

In July, the House of Representatives resolved to investigate the Central Bank of Nigeria (CBN) for alleged mismanagement of funds and non-disclosure of details of interest on investments from the excess crude oil/petroleum profits tax/royalty account.

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