As soon as a logo of Nigeria’s ambition to cushion its economic system from world oil value volatility, the Extra Crude Account (ECA) has dwindled to a shadow of its former self. As of April 2025, the stability within the account stands at simply $473,754.57, in accordance with Shamseldeen Ogunjimi, the Accountant-Basic of the Federation.
Ogunjimi made the disclosure through the 149th Nationwide {Economic} Council (NEC) assembly, chaired by Vice President Kashim Shettima, on the Presidential Villa in Abuja on Thursday.
The ECA was established in 2004 underneath President Olusegun Obasanjo, meant to warehouse oil earnings above the benchmark value set in Nigeria’s annual price range.
Its objective was to behave as a fiscal buffer in opposition to exterior shocks—particularly the sort that steadily rattle oil-dependent economies like Nigeria’s. At its peak, the ECA reportedly held billions of {dollars}. However over time, the account has been steadily depleted.
Withdrawals for nationwide emergencies, price range help, and even political causes have whittled it down, with the present determine reflecting a years-long development of decline.
For perspective, in early 2021, then-Finance Minister Zainab Ahmed introduced the account nonetheless held $72.4 million.
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Two years later, that determine had already plunged to $473,754.57—the place it stays as we speak.
Along with the ECA replace, Ogunjimi reported that Nigeria’s Stabilisation Account presently holds N63.53 billion, whereas the Pure Assets Improvement Account has a more healthy stability of about N72.86 billion as of April 2025.
The figures elevate contemporary questions on how Nigeria manages its oil windfalls in a time when diversification and prudent fiscal coverage are extra pressing than ever.
With oil nonetheless taking part in a dominant position within the nation’s income combine, the near-empty state of the ECA has many questioning: if one other oil value crash hits, how ready is Nigeria?
