The Accountant-General of the Federation, Shamsedeen Ogunjimi, has announced that the balance in Nigeria’s Excess Crude Account (ECA) have rosed to $535,823.39 in the month of August 2025.
These Excess Crude Account is a savings account created in 2004 to store oil revenue above the budgeted benchmark. Its purpose is to help the country stabilize the economy, support development projects, and provide a buffer during times of low oil prices.
Ogunjimi explained that the account is still in use, but the balance has reduced greatly compared to past years when it had billions of dollars. He said government expenses, withdrawals for national projects, and the impact of declining oil production and prices have affected the account.
Though Nigerians have expressed disastisfaction on the low balance, decring how much the country relies on oil income.
The Accountant-General assured Nigerians that the government is working to improve revenue generation and manage resources more effectively.
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