Nigeria’s Excess Crude Account (ECA) has dropped to $72,410,574.08 as at 17th December 2020, as against $324.54 million where it stood as of November 20 2019.
Accountant General of the Federation of Nigeria, Ahmed Idris gave the figure during a meeting of the country’s National Economic Council (NEC), said that the Stabilisation Account has a balance of N26.433 billion.
He explained that the Development of Natural Resources Account has a standing balance of N156,.690 billion.
It was, however, learnt that there was no update on Budget Support Loan Facility as deductions have been suspended due to Covid-19.
The oil savings account, which holds dollar reserves from sales of crude above the assumed benchmark price, contained $1.92 billion as of June 2018.
The council also resolved to invest $250 million in the country’s sovereign wealth fund and consider ways it can leverage a portion of the country’s pension assets for co-investment with the fund.
