Nigeria’s Excess Crude Account Grows to $535,823, Signals Economic Stabilisation Efforts.
The Federal Government of Nigeria has announced that the nation’s Excess Crude Account (ECA) balance has risen to $535,823.39 as of August 2025, marking a modest increase from $473,754.57 recorded in April 2025. The disclosure was made by the Accountant-General of the Federation, Mr Shamseldeen Ogunjimi, during the 151st National Economic Council (NEC) meeting, chaired by Vice-President Kashim Shettima, in Abuja on Thursday, 28 August 2025.
The ECA, established in 2004 under former President Olusegun Obasanjo, serves as a financial buffer to save oil revenues exceeding the budgetary benchmark, protecting Nigeria’s economy from global crude oil price volatility. The recent uptick in the ECA balance, though modest, reflects efforts to bolster the nation’s fiscal reserves amidst challenging economic conditions, with current crude oil prices at $67 per barrel, below Nigeria’s $75 per barrel budget benchmark.
Mr Ogunjimi, represented by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, also provided updates on other key accounts. The Stabilisation Account now holds ₦78.45 billion, while the Natural Resources Account stands at ₦106.73 billion. These figures underscore the government’s commitment to prudent financial management, despite the ECA’s historically low balances compared to its peak of over $20 billion in 2008.
The NEC meeting also approved the Renewed Hope Development Plan (2026–2030), a five-year strategy aimed at accelerating Nigeria’s economic growth towards a $1 trillion economy by 2030. Vice-President Shettima described the plan as a “practical roadmap” to consolidate ongoing reforms, deepen policy continuity, and align with the long-term goals of Nigeria Agenda 2050. The framework will focus on job creation, infrastructure expansion, food security, and social protection, with governance structures involving public and private sector leaders and governors from all six geopolitical zones.
Despite the lean ECA balance, the increase has been welcomed as a positive step towards rebuilding Nigeria’s financial resilience. The government’s efforts to diversify revenue streams were highlighted, with Shettima noting the National Agency for Science and Engineering Infrastructure’s (NASENI) scaled-up production of solar-powered irrigation pumps to reduce farmers’ energy costs and boost dry-season cultivation. “This is a nation refusing to be held hostage by petrol-powered systems,” he stated.
The NEC also directed the Accountant-General to expedite the release of funds for Nigeria’s anti-polio immunisation campaign, reinforcing the government’s commitment to public health alongside economic stability. The Renewed Hope Plan’s participatory approach, involving all tiers of government, private sector, and civil society, has been praised by stakeholders, including Anambra State Governor Charles Soludo, for its inclusive strategy to address socioeconomic challenges.
This development signals cautious optimism for Nigeria’s economic future, with the government leveraging modest gains in the ECA and strategic planning to navigate global economic uncertainties and drive sustainable growth.
