Nigeria’s Excess Crude Account now stands at $535,823 – AGF

Nigeria’s Excess Crude Account (ECA) stood at $535,823.39 as of August 2025, the Accountant-General of the Federation, Shamsedeen Ogunjimi, disclosed on Thursday.

Ogunjimi, represented by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, gave the update during the National Economic Council (NEC) meeting chaired by Vice-President Kashim Shettima.

The ECA, created in 2004 under President Olusegun Obasanjo as a financial buffer to save oil revenues above budget benchmarks, had a balance of $473,754.57 in April 2025.

At its peak, the account reportedly held over $20bn in 2008. However, over the years, successive governments’ frequent withdrawals to fund budget shortfalls, security operations, and fuel subsidies steadily depleted the savings.

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Providing further details, the AGF said the Stabilisation Account currently holds ₦78.45bn, while the Natural Resources Development Fund has ₦106.73bn.

At the meeting, NEC also unveiled the framework for the Renewed Hope Development Plan (2026–2030), designed to consolidate reforms under President Bola Tinubu’s administration and move the economy toward a $1 trillion GDP target.

Vice-President Shettima said the new plan, which succeeds the National Development Plan 2021–2025, will deepen continuity, align with the long-term objectives of Nigeria Agenda 2050, and sustain the government’s ongoing economic reforms.

“This transition is critical to sustaining the country’s economic trajectory,” Shettima noted.