Excess crude account rises to $535,823 – AGF
Story by Martha Gwary
The Accountant-General of the Federation, Shamsedeen Ogunjimi, announced on Thursday that Nigeria’s Excess Crude Account (ECA) had a balance of $535,823.39 as of August. Ogunjimi made this disclosure during the National Economic Council (NEC) meeting chaired by Vice-President Kashim Shettima.
Established in 2004 under former President Olusegun Obasanjo, the ECA was designed as a financial buffer to enable the nation to save oil revenues above budgetary projections and cushion the economy against fluctuations in global crude oil prices.
READ ALSO: Navy deactivates 71 illegal refineries, recovers 411,000 litres stolen crude
As of April 2025, the account balance stood at $473,754.57. Providing an update, the Accountant-General, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated: “The Excess Crude Account stands at $535,823.39; the Stabilisation Account holds ₦78,453,757,583.19; and the Natural Resources Account has a balance of ₦106,727,969,527.59.”
Meanwhile, the NEC has unveiled the framework for the Renewed Hope Development Plan (2026–2030), aimed at consolidating Nigeria’s reform agenda and achieving President Bola Tinubu’s administration’s $1 trillion economy target.
READ ALSO: We uncovered mind-boggling corruption in oil and gas sector – EFCC Boss
According to a statement signed by the Senior Special Assistant to the President on Media and Communications (Office of the Vice-President), Stanley Nkwocha, Vice-President Shettima emphasised that the new national development plan would build on existing policies, strengthen continuity, and align the nation’s growth trajectory with the long-term objectives of Nigeria Agenda 2050.
Shettima described this transition as vital for sustaining Nigeria’s economic progress and advancing ongoing reforms.
“Another key issue discussed today is the expiration of the National Development Plan 2021–2025 and the formulation of its successor, the Renewed Hope Plan 2026–2030,” he said.
Follow the Neptune Prime channel on WhatsApp:
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
