Nigeria’s Excess Crude Account Hits $473.75m

Nigeria’s economic outlook has received a significant boost, with the Excess Crude Account (ECA) standing at $473.75 million and the Stabilisation Account reaching N28.7 billion.

The Natural Resources fund has also risen to N53.89 billion.

These figures were announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the 142nd National Economic Council (NEC) meeting presided over by Vice President Kashim Shettima in Abuja.

The Vice President attributed the economic growth to the financial prudence and transparency framework adopted by President Bola Tinubu.

He praised the President’s leadership, describing him as the “Jagaban” (front-row commander) who has unified the nation’s aspirations to serve the country.

The NEC meeting also ratified the nomination of six state governors as members of the Board of Niger Delta Power Holding Company (NDPHC), representing the six geopolitical zones.

The governors are from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom States.

The meeting also saw presentations from various ad hoc committees, including the Ad Hoc Committee on Flood, Erosion, Drought and Desertification, which called for the revitalization of State Emergency Management Agencies (SEMAs) and improved coordination between different levels of government.

The council resolved to strategize on funding sources to mitigate climate challenges facing the states.

The Ad-Hoc Committee on Economic Affairs presented an update on its efforts to address foreign exchange loan facilities and fuel pricing challenges.

The Ad-Hoc Committee on Crude Oil Theft Prevention and Control presented key recommendations to improve security at oil and gas terminals and enhance regulatory oversight in the sector.

In a related development, the council received an update on the establishment of state police, urging states to expedite their submissions on the matter.

The Vice-President also announced the presidential approval for operationalizing the Presidential Food System Coordinating Unit, charged with developing robust economic solutions for the country’s food system.

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