The Minister of State for Budget and National Planning, Clem Agba, has disclosed that the country’s Excess Crude Account, ECA, is currently having a balance of $72.4 million.
News reports is a fund established in 2004 to stabilize the country’s economy and smooth out the impact of price volatility in oil exports.
The account has witnessed a sharp increase of approximately $.2million in 2020.
Recall that in March this year, the Accountant-General of the Federation, Ahmed Idris, had disclosed that the account depleted to $71.813, blaming the downward inflow on a crash in the crude oil price.
Briefing the State House correspondents after the virtual National Economic Council, NEC, meeting on Thursday at the Presidential Villa, Abuja, the minister also reported to NEC, the balances in the Stabilisation Account, and Development of Natural Resources Account.
“For the Stabilisation Account, we currently have a balance of N48.9 billion.
“For the Natural Resource Account, we have a balance of N155. 5 billion
“You will recall that at the last FEC, the Minister of Finance, Budget and National Planning presented a proposal for the Finance Bill 2020, which was passed by the FEC.
“We used this opportunity to also present it to the NEC; they are also okay with it; the next stage is the transmission of the proposed Finance Bill 2020 to the National Assembly,’’ he said.
