Nigeria’s Savings from crude oil sales stands at $35m in January 2022—NEC

The National Economic Council has said that the nation’s savings from sale of crude above the budget benchmark called Excess Crude Account now stands at $35,868,086.40 as at 17th January 2022.

This is contained in the Honorable Minister of State for Budget and National Planning, Prince Clem Agba during the 122nd physical meeting of the Council in Abuja. The Council said that it will support the second iteration of the Subnational Ease of Doing Business Report which is to be launched in the second quarter of 2022.

In his presentation, Mr Agba said “the current state of Nigeria’s underlisted accounts as at 17th of January 2022 are: Nigeria’s Excess Crude Account (ECA) Balance As At 17th January 2022 Stands At $35,868,086.40; stabilisation Account Balance As Of 17th January 2022 Stands At N30, 685, 611, 413.79; development of Natural Resources Account Balance As At 17th January 2022 Stands At N42, 820,382,381.40