Once a symbol of Nigeria’s ambition to cushion its economy from global oil price volatility, the Excess Crude Account (ECA) has dwindled to a shadow of its former self. As of April 2025, the balance in the account stands at just $473,754.57, according to Shamseldeen Ogunjimi, the Accountant-General of the Federation.
Ogunjimi made the disclosure during the 149th National Economic Council (NEC) meeting, chaired by Vice President Kashim Shettima, at the Presidential Villa in Abuja on Thursday.
The ECA was established in 2004 under President Olusegun Obasanjo, meant to warehouse oil earnings above the benchmark price set in Nigeria’s annual budget.
Its purpose was to act as a fiscal buffer against external shocks—especially the kind that frequently rattle oil-dependent economies like Nigeria’s. At its peak, the ECA reportedly held billions of dollars. But over time, the account has been steadily depleted.
Withdrawals for national emergencies, budget support, and even political reasons have whittled it down, with the current figure reflecting a years-long trend of decline.
For perspective, in early 2021, then-Finance Minister Zainab Ahmed announced the account still held $72.4 million.
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Two years later, that figure had already plunged to $473,754.57—where it remains today.
In addition to the ECA update, Ogunjimi reported that Nigeria’s Stabilisation Account currently holds N63.53 billion, while the Natural Resources Development Account has a healthier balance of about N72.86 billion as of April 2025.
The figures raise fresh questions about how Nigeria manages its oil windfalls in a time when diversification and prudent fiscal policy are more urgent than ever.
With oil still playing a dominant role in the country’s revenue mix, the near-empty state of the ECA has many wondering: if another oil price crash hits, how prepared is Nigeria?