Nigeria’s Excess Crude Account (ECA), established in 2004 to save oil revenue earned above budgeted prices, has seen a modest increase of 13% between June 2023 and October 2025, according to reports from the Office of the Accountant-General of the Federation.
The account rose from $473,754.57 to $535,823.39, reflecting a $62,068.82 increase over the two-year period. This growth was revealed during a review of 15 National Economic Council (NEC) meetings held under President Bola Tinubu’s administration ogejournal.com Punch Newspapers.
In contrast, Nigeria’s Stabilisation Account experienced a much sharper rise, tripling from ₦26.63 billion to ₦87.67 billion, while the Development of Natural Resources Fund grew from ₦96.9 billion to ₦141.59 billion, marking a 46% increase ogejournal.com Punch Newspapers.
Despite the uptick, analysts note that the ECA’s balance remains significantly lower than its peak levels in the late 2000s, when it held billions of dollars. The current figures reflect cautious fiscal management amid fluctuating oil prices and ongoing economic reforms.
The ECA’s slow growth compared to other reserve accounts has prompted calls for greater transparency and strategic utilization of oil windfalls to strengthen Nigeria’s fiscal buffers.
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