Nigeria’s ECA stands at over $72m

April 23, 2021

Nigeria’s Excess Crude account, ECA,  stood at $72, 413,008.60 million as at 22nd April, 2021 according to the Finance Minister,  Zainab Ahmed.

She disclosed this while giving a report at the 115th National Executive Council, NEC, meeting chaired by Vice President Yemi Osinbajo on thursday.

Ahmed put the nation’s Stabilisation account balance as at 22nd April, 2021 at N23,299,008,799.06, while noting that the Natural Resources Development account  stood at  N77, 742,012,342.87.

On the budget support facility, the Minister observed that the deductions for repayment by States are meant to resume in May but Governors however requested for an extension considering the economic challenges in the States.

Commenting on the budget facility deduction from states, the Central Bank Governor, Godwin Emefiele explained the technical challenges involved should there be a further postponement of the deductions.

The Vice President however directed that a meeting be held soon after the NEC meeting where the issue would be properly considered and a decision reached.

The VP will chair the meeting and the Governors would be represented by Governor Kayode Fayemi, while the Finance Minister and the Central Bank Governor both of whom attended the meeting will also participate.