Excess Crude account balance at $72.4 million

THE Excess Crude Account (ECA) balance has continued at its stable rate of $72.4 million, the National Economic Council (NEC) has said.

The statement was disclosed by Governor, Babajide Sanwo-Olu of Lagos, on Thursday, after receiving the update from the Finance Minister during the meeting which Vice President Yemi Osinbajo presided over.

Sanwo-Olu said:“At today’s NEC meeting which was chaired by the vice president, I have the briefing that was presented by the Minister of Finance, Budget and National Planning.

“So, they gave us a balance on the Excess Crude Account (ECA) and the balance as at May 18 stood at 72.4 million dollars and on the Stablisation Account, it is N24.7 billion as at May 18.”

Sanwo-Olu added that “Finally, on the Development of Natural Resources, the balance as at May 20 stands at N23.7 billion.

“Those are the figures that the Minister of Finance, Budget and National Planning gave at the council today.”

It can be recalled that a total of N160.06 billion in comprehensive income was recorded in 2020, representing a 343% growth compared to N36.15 billion recorded in 2019 as revealed by Nigeria Sovereign Investment Authority (NSIA).