Excess crude account savings drops to $72.4m

The Honourable Minister of Finance, Budget and National Planning, Zainab Ahmed has reported that the balances of the Excess Crude Account (ECA) amounts to $72,410,574.08 as at 17th December 2020 while the Stabilisation Account  has a balance of ₦26,433,355,427.91. She said that the Development of Natural Resources Account has a standing balance of ₦156,690,002,234.58. 

It was learnt that there was no update on Budget Support Loan Facility as deductions have been suspended due to Covid-19. The excess crude account stood at $324.54 million as of November 20 2019, the accountant general had said. Ahmed Idris gave the figure during a meeting of the country’s National Economic Council. The oil savings account, which holds dollar reserves from sales of crude above the assumed benchmark price, contained $1.92 billion as of June 2018. The council also resolved to invest $250 million in the country’s sovereign wealth fund and consider ways it can leverage a portion of the country’s pension assets for co-investment with the fund.