The Accountant-General of the Federation (AGF), Shamseldeen Ogunjimi, has disclosed that Nigeria’s Excess Crude Account (ECA) currently stands at $535,823.39 as of August 2025.
Ogunjimi made the disclosure on Thursday in Abuja while presenting the nation’s financial updates at the 151st National Economic Council (NEC) meeting presided over by Vice-President Kashim Shettima.
Created in 2004 under former President Olusegun Obasanjo, the ECA was designed to save oil earnings above the annual budget benchmark as a buffer against global crude price volatility.
Speaking through the Minister of Finance, Wale Edun, Ogunjimi explained that aside from the ECA, the Stabilisation Account now stands at ₦78.45 billion, while the Natural Resources Account has a balance of ₦106.73 billion.
The new ECA figure represents a slight increase from the $473,754.57 recorded in April 2023. However, it remains a far cry from the $72.4 million balance declared in February 2021 by then Finance Minister, Zainab Ahmed.
Crude oil is currently selling at $67 per barrel, below Nigeria’s $75 per barrel budget benchmark, raising concerns over the country’s ability to build up the savings account meant to cushion economic shocks.
Nigeria’s ECA has been a subject of controversy in recent years over alleged mismanagement, poor savings culture, and withdrawals without proper accountability.
The NEC meeting also reviewed other fiscal matters, with Edun stressing the need for prudent management of the nation’s resources given the volatility of oil revenues.
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