Business
Nigeria’s Excess Crude Account balance drops 78% in two years
The balance in Nigeria’s excess Crude Account (ECA) is $72.41 million as of May 18, 2021, about the same as in April 2021
Despite the consistency from the previous month, the May level is 78 percent lower than $324.97 million as at December 2019.
This was disclosed by the Lagos State Governor, Babajide Sanwo-Olu, following the National Economic Council (NEC) chaired by Vice President Yemi Osinbajo, SAN on Thursday.
According to Sanwo-Olu, “At today’s NEC meeting which was chaired by the vice president, I have the briefing that was presented by the Minister of Finance, Budget and National Planning.”
READ ALSO: Osinbajo to meet governors, Emefiele as dispute rages over repayment of budget support facility
“So, they gave us a balance on the Excess Crude Account (ECA) and the balance as at May 18 stood at 72.4 million dollars and on the Stabilisation Account, it is N24.7 billion as at May 18.”
“For the Development of Natural Resources, the balance as at May 20 stands at N23.7 billion. Those are the figures that the Minister of Finance, Budget and National Planning gave at the council today,’’ Governor Sanwo-Olu told journalists.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...