Nigeria’s Excess Crude Account Grows 13% in Two Years Under Tinubu’s Administration

Nigeria’s Excess Crude Account (ECA) has risen by 13 percent in the past two years, reflecting gradual fiscal recovery efforts under President Bola Tinubu’s administration. According to data from the Accountant-General of the Federation, presented to the National Economic Council (NEC), the ECA increased from $473,754.57 in June 2023 to $535,823.39 in October 2025 — a modest gain of $62,068.82. The NEC review, spanning 15 meetings between June 2023 and October 2025, also showed significant growth across other national reserve funds.

Over the same period, the Stabilisation Account surged from ₦26.63bn to ₦87.67bn, marking a 229 percent rise, while the Development of Natural Resources Fund expanded by 46 percent, climbing from ₦96.9bn to ₦141.59bn. Analysts say the recovery mirrors improved oil output and a more coordinated fiscal policy from the NEC, even amid inflationary pressures and subsidy reforms. Although the ECA’s growth appears small, it represents a steady rebound after years of depletion.

The Excess Crude Account, created in 2004 under former President Olusegun Obasanjo, serves as a financial buffer to save oil earnings above budget benchmarks. It reached over $20 billion during the 2008 oil boom but gradually declined due to frequent withdrawals and oil price collapses. Under Tinubu, the balance remains a fraction of its peak, but fiscal experts view the uptick as a step toward rebuilding Nigeria’s sovereign reserves.

The NEC’s decisions between 2023 and 2025 played a major role in this trend. Key among them was the reconstitution of the Crude Theft and Economic Affairs Committee in December 2023, which helped restore oil production from below 800,000 barrels per day to about 1.7 million barrels per day by 2025. The council also endorsed major economic initiatives such as the $617.7 million i-DICE programme for tech job creation, new food security measures, and reforms across the power and mining sectors to improve revenue diversification.

The National Economic Council, chaired by the Vice President and comprising state governors and top federal officials, continues to guide Nigeria’s fiscal strategy. Despite fewer meetings in recent months, the council’s actions — from stabilisation fund oversight to resource development — highlight an ongoing effort to strengthen Nigeria’s financial resilience and reduce dependence on crude oil earnings.

source: Punch