Excess Crude Account up 13%

Nigeria’s Excess Crude Account (ECA) has recorded a modest 13 per cent rise over the past two years, while the Stabilisation Account experienced a significantly sharper growth, more than tripling within the same period. This is according to a review of financial updates presented by the Accountant-General of the Federation to the National Economic Council (NEC) across 15 meetings held between June 15, 2023, and October 23, 2025.

At the beginning of the Tinubu administration, during the first NEC session, the ECA balance stood at $473,754.57. By the council’s most recent meeting, the account had grown to $535,823.39, an increase of $62,068.82. Although positive, analysts note that the account remains significantly lower than it was during earlier oil boom years.

In comparison, the Stabilisation Account showed far more dramatic growth. It rose from N26.63bn to N87.67bn within the review period, an increase of approximately N61.03bn, representing about 229 per cent growth. The Development of Natural Resources Fund also saw a notable improvement, expanding from N96.90bn to N141.59bn, reflecting a 46 per cent increase.

A closer monthly review shows that the Stabilisation Account dipped to N17.21bn in April 2024 before gradually rising again through 2025. The Natural Resources Fund experienced a similar pattern, declining to N26.85bn in November 2024 before increasingly recovering to N141.59bn in October 2025. On the other hand, the ECA showed minimal movements for much of the period and only saw noticeable growth in the latter part of 2025.

The Excess Crude Account, created in 2004 under President Olusegun Obasanjo, was designed as a fiscal buffer by saving oil revenue earned above the budget benchmark. However, despite the recent uptick, the account remains a shadow of its past. During the oil price surge of 2008 under President Umaru Musa Yar’Adua, the ECA held more than $20bn, but years of withdrawals and falling crude prices have since sharply reduced the balance.

The recent growth aligns with NEC’s policy actions in the period under review. In December 2023, the council revived ad-hoc committees on crude theft and economic affairs. The committee, originally set up in 2022, was renewed after Nigeria’s oil production dropped to between 700,000 and 800,000 barrels per day, well below its OPEC allocation. By 2025, production figures had improved to about 1.7 million barrels per day.

During the same period, the NEC supported initiatives such as the $617.7m i-DICE project aimed at boosting technology enterprises and job creation. It also backed several food security measures and regulatory reforms within key sectors, especially electricity. In October 2025, the council also approved coordinated measures against illegal gold mining and smuggling, along with efforts to strengthen training pipelines in security agencies.

The Nigerian Air Traffic Controllers’ Association has meanwhile raised concerns over manpower shortages and has urged the Federal Government to improve welfare and extend the retirement age for its members to 65. Government officials have indicated that retirement age reforms are under consideration.

The NEC, chaired by the Vice President and comprising state governors, the Central Bank Governor, and select ministers, ordinarily convenes monthly, although meetings have been less regular in recent months.