• Business - Economy
  • Updated: July 16, 2021

Nigeria's Excess Crude Account Declines To $60.8 Million

Nigeria's Excess Crude Account Declines To $60.8 Million

The National Economic Council (NEC) has disclosed that the country's Excess Crude Account (ECA) balance has declined to $60.8 million from its previous stable rate of $72.4 million.

This was revealed by Gov. Abdullahi Sule of Nasarawa State in a meeting with newsmen after the virtual NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

Governor Sule while addressing newsmen said that the Minister of Finance, Budget and National Planning updated the council on the state of the federation accounts.

“At today’s NEC meeting, the Minister of Finance, Budget and National Planning made a presentation and gave us an update on the federation accounts as follows: the Excess Account balance as July 13 is 60.8 million dollars; Stabilisation Account stands at N26.3 billion, Natural Resources Account balance stands at N23.5 billion.

“On the budget support facility that was taken by the states, in view of the current economic challenges facing the states, the CBN actually has gone into some kind of agreement to provide a bridge financing facility to the states so that deduction can commence in this July,” Governor Sule said.

On the deductions, the Governor said the aim is to keep the accounts current and to ensure that the commercial banks which have given these loans are able to keep their books.

In May, the National Economic Council (NEC) disclosed that the ECA balance was $72.4 million. As of May 18, Stabilisation Account stood at N24.7 billion, while on the Development of Natural Resources, the balance as of May 20 stood at N23.7 billion.

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