Nigeria’s Excess Crude Account (ECA) has recorded a modest growth of 13% over the past two years, even as the country’s Stabilisation Account surged more than threefold, according to data presented to the National Economic Council (NEC) by the Office of the Accountant-General of the Federation.
An analysis of reports covering 15 NEC meetings between June 2023 and October 2025 shows that the ECA rose from $473,754.57 to $535,823.39, representing a $62,000 increase. Over the same period, the Stabilisation Account grew sharply from ₦26.63 billion to ₦87.67 billion, while the Development of Natural Resources Fund increased from ₦96.9 billion to ₦141.59 billion.
The ECA, established in 2004 to save oil revenue earned above budgeted prices, has seen slow movement compared to its 2008 peak of over $20 billion during the oil boom years. Its decline over time has been linked to frequent withdrawals and global oil price volatility.
While the ECA’s growth has been marginal, the surge in the Stabilisation Account reflects improved fiscal discipline and better management of federation accounts under the current administration. The fund serves as a financial buffer for states and local governments during periods of low revenue inflow, helping them manage cash flow challenges.
Throughout the review period, the NEC introduced several economic policies aimed at restoring fiscal stability and boosting non-oil revenue. These include the reconstitution of committees on crude oil theft, economic reforms, and renewed focus on the power and solid minerals sectors.
In December 2023, the council revived the committee on crude theft and pipeline vandalism as part of efforts to raise national oil output, which had dropped to below 800,000 barrels per day at the time. Production later recovered to around 1.7 million barrels daily by 2025.
The NEC also endorsed the $617.7 million i-DICE initiative to support digital innovation and youth employment, approved stronger food security measures, and backed reforms across the power and security sectors.
Despite these gains, analysts note that Nigeria’s savings in foreign-denominated accounts remain far below desirable levels, especially given persistent withdrawals, inflationary pressures, and exchange rate fluctuations.
The National Economic Council, chaired by Vice President Kashim Shettima and comprising all state governors, the Central Bank Governor, and key federal ministers, continues to play a central role in coordinating economic and fiscal policy decisions for the federation.
