The National Economic Council (NEC) has confirmed that Nigeria’s Excess Crude Account (ECA) remains stable with a balance of $72.4 million.
This was disclosed by Lagos State Governor, Babajide Sanwo-Olu, following the NEC meeting held on Thursday, May 20, 2021.
The session was chaired by Vice President Yemi Osinbajo, with an update from the Minister of Finance, Budget and National Planning.
Federation Account Update – May 2021
According to Governor Sanwo-Olu, the Minister of Finance shared the following account balances during the meeting:
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Excess Crude Account (ECA): $72.4 million (as of May 18)
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Stabilisation Fund: ₦24.7 billion (as of May 18)
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Natural Resources Development Fund: ₦23.7 billion (as of May 20)
“These were the financial updates presented to the council today by the Finance Minister,” Sanwo-Olu stated.
NSIA Records 343% Growth in 2020 Income
Meanwhile, the Nigeria Sovereign Investment Authority (NSIA) has reported significant financial growth for the year 2020:
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Comprehensive income surged to ₦160.06 billion, a 343% increase from ₦36.15 billion in 2019.
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Net assets rose by 33%, hitting ₦772.75 billion from ₦579.54 billion in the previous year.
This performance reflects improved returns from the country’s sovereign investment efforts amid challenging economic conditions.
