Nigeria’s excess crude account (ECA) stood at $535,823.39 as of August, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.
The minister disclosed this on Thursday at the National Economic Council (NEC) meeting chaired by Vice-President Kashim Shettima.
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The ECA was created in 2004 by the administration of President Olusegun Obasanjo as a savings buffer for oil revenues above the budgeted benchmark price. Over the years, successive governments have drawn from the account to stabilise the economy during oil price shocks, fund infrastructure projects and meet pressing fiscal needs.
Once holding billions of dollars, the balance has steadily declined in recent years due to frequent withdrawals and lower oil revenues.
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In April, the account stood at $473,754.57.
Mr Edun also reported that the stabilisation account held N78.45 billion while the natural resources account had N106.73 billion.
Renewed Hope plan
Minister of Budget and Economic Planning, Atiku Bagudu told the council that work has begun on Nigeria’s next medium-term development plan, which will run from 2026 to 2030.
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“The background is that in the year 2020, a perspective plan, which is a 30-year plan named Agenda 2050, was approved for the country. It was drawn up by the private sector, public sector, civil society organization, and traditional rulers, political parties, and all shades of opinion to reflect the fact that it is a national plan.
“The 30-year prospective plan provides that six, five-year medium-term plans will be developed in its implementation, the first being 2021-2025, which is expiring by December this year. So, the Council was informed about this development and the need to support the development of the second medium-term plan, 2026-2030, to be named the Renewed Hope plan, 2026-2030. This will ensure policy continuity, consolidate ongoing reforms, and respond to emerging socioeconomic challenges,” he said.
Mr Bagudu said the plan is expected to provide a framework for job creation, human capital development, infrastructure, food security and social protection, while linking current reforms to Nigeria’s long-term Agenda 2050.
According to him, work on the plan would begin this month and be completed in time for President Bola Tinubu to launch it before year-end. The process will be participatory, involving federal, state and local governments, the private sector, civil society, labour, youth groups and traditional leaders.
READ ALSO: Wale Edun inaugurates new NDIC management team
To guide the work, three governance structures, a national steering committee, a central working group, and technical teams, and will be set up, co-chaired by members from both the public and private sectors, with governors representing each of the six geopolitical zones.
Council members, including Anambra Governor Charles Soludo, welcomed the early start and urged wide participation to ensure inclusivity and growth.
PREMIUM TIMES understands that NEC also approved the Renewed Hope 2026–2030 plan.
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