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.