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Nigeria’s Excess Crude Account Balance Depletes to $324m in December

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The balance in the excess Crude Account (ECA) where Nigeria pays the difference between its budgeted benchmark oil price and actual receipts fell to $324.97 million as at December 2019.

Analysis of the reports of the Excess Crude Account (ECA) by the budget and planning office in a report released today revealed that the Excess Crude Account (ECA) had an opening balance of $328.12 million as at 1st October, 2019.

The sum of $1.36 million being accrued interest on fund investment (September – November) was received into the account in the fourth quarter of 2019.

On the other hand, $4.51 million was withdrawn from the account during the period.

This resulted to a closing balance of $324.97 million as at 31st December, 2019.

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