Nigeria’s Excess Crude Account rises to $535,823

The Accountant-General of the Federation, Shamsedeen Ogunjimi, has disclosed that Nigeria’s Excess Crude Account (ECA) stood at $535,823.39 as of August 2025.

He made this known on Thursday during the National Economic Council (NEC) meeting presided over by Vice-President Kashim Shettima.

The ECA, created in 2004 under former President Olusegun Obasanjo, was designed as a financial buffer to save oil revenues above budgetary benchmarks and shield the economy from fluctuations in global crude oil prices. The account had a balance of $473,754.57 in April 2025.

Providing the breakdown, Ogunjimi, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said: “The Excess Crude Account is $535,823.39; the Stabilisation Account is N78,453,757,583.19; and the Natural Resources Account is N106,727,969,527.59.”

Meanwhile, NEC has also approved the framework for the Renewed Hope Development Plan (2026–2030), which is targeted at consolidating the country’s reform agenda and actualising President Bola Tinubu’s vision of a $1 trillion economy.

A statement signed by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), quoted Vice President Shettima as saying that the plan will build on existing policies, ensure policy continuity, and align Nigeria’s growth with the long-term objectives of Nigeria Agenda 2050.

Shettima noted that the transition was crucial to sustaining the nation’s economic trajectory, adding that, “Another major consideration today is the expiration of the National Development Plan 2021–2025 and the preparation of its successor, the Renewed Hope Plan 2026–2030.”