Excess Crude Account Stands at $535,823 – AGF

The Accountant-General of the Federation, Shamseldeen Ogunjimi, on Thursday said Nigeria’s Excess Crude Account stood at $535,823.39 as of August. Ogunjimi disclosed this at the National Economic Council meeting chaired by Vice-President Kashim Shettima.

The ECA was created in 2004 under former President Olusegun Obasanjo to serve as a financial buffer, allowing the country to save oil revenues above budgetary benchmarks and cushion the economy against fluctuations in global crude prices.

As of April 2025, the ECA balance was $473,754.57. Giving an update on account balance, the AGF, who was represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said, “Excess Crude Account is $535,823.39; the Stabilisation Account is N78,453,757,583.19; and the Natural Resources Account is N106,727,969,527.59.”

Meanwhile, NEC unveiled the framework for the Renewed Hope Development Plan (2026–2030) aimed at consolidating Nigeria’s reform agenda and actualising the $1tn economy target of the administration of President Bola Tinubu.

A statement signed by the Senior Special Assistant to the President on media and communications (Office of the Vice President), Stanley Nkwocha, noted that the Chairman of the Council, Vice President Kashim Shettima, said the new national development plan will build on existing policies, deepen continuity, and align Nigeria’s growth trajectory with the long-term goals of Nigeria Agenda 2050.

Shettima described the transition as critical to sustaining the country’s economic trajectory and consolidating the administration’s ongoing reforms.

“Another major consideration today is the expiration of the National Development Plan 2021–2025 and the preparation of its successor, the Renewed Hope Plan 2026–2030,” he said.