The Muhammadu Buhari regime has steeply depleted Nigeria’s Excess Crude Account (ECA) to $35.8 million from over $2 billion left by former president Goodluck Jonathan in 2015.
Clem Agba, minister of state for budget and national planning, made this known at the National Economic Council (NEC) meeting in Abuja.
“Nigeria’s Excess Crude Account (ECA) Balance As At 17th January 2022 stands At $35,868,086.40, Stabilization Account Balance As Of 17th January 2022 Stands At N30, 685, 611, 413.79, Development Of Natural Resources Account balance As At 17th January 2022 Stands At N42, 820,382,381.40,” Mr Agba disclosed.
The ECA balance which stood at $60 million in October 2021, has been depleted further to $35million, plunging the nation’s economy into regress.
Former president Olusegun Obasanjo conceived the ECA in 2004 to document the nation’s excess revenue from crude oil. Before Mr Buhari’s assumption of office, the account balance stood at $3.6 billion in February 2014, one of the highest balances on record.
The paltry status of the ECA has again raised criticisms about Mr Buhari’s incompetence to utilise the nation’s resources judiciously. His regime so far has been characterised by heavy borrowing, looting, insecurity, inflation, heavy hike in food prices and overall unrest.
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