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Nigeria - Excess Crude Account
Country: Nigeria
Established: 2004
US$ Billion: 9.4
Origin: Oil
Transparency Rating: 1
Summary:
Currently, the funds are held in the Excess Crude Account (ECA) to help stabilize the budget. The rationale behind the ECA is to act as a stabilization fund, closing budget deficits that are a product of oil price volatility, and to potentially fund domestic infrastructure investments.
Updated: The Excess Crude Account (ECA) will be replaced with a National Sovereign Wealth Fund (NSWF). The NSWF will manage Nigeria's excess earnings from crude oil. The current administration stated the current Excess Crude Account has no real legal backing since it was formed under a political arrangement from the previous administration.
News and Updates
2/19/2008
Sharp rise in Excess Crude Account
Nigeria's excess crude account has increased by 239.2 percent reaching US$ 17.3 billion in 2007 from $5.1 billion recorded in 2004.
Location
Website
Federal Government of Nigeria Ministry of Finance
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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