The economic problems plaguing the country continues to expand as Nigeria’s Excess Crude Account (ECA) is now reportedly at $72 million.
Business Hallmark findings revealed that the country is grappling with an unprecedented revenue challenge not witnessed since the early eighties. The ECA account has now fallen by about 98% within the last 5 years.
The depressing revelation was made by the Minister of Finance, Zainab Ahmed at a National Economic Council Meeting during the week. The ECA is a savings account retained by the Federal Government and is funded by the difference between the market price of crude oil and the budgeted price of crude oil as contained in the appropriation bill.