Following last week’s meeting of the Federation Allocation Accounts Committee (FAAC), the Excess Crude Account (ECA) has increased by $1.34 billion.
This brings the total savings in the ECA to $3.45 billion. Before the latest development, there was $2.11 billion in the account.
In percentage terms, this represents an increase of about 63.5%.
According to the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, the rise in the ECA signals the federal government’s commitment to rebuilding the country’s fiscal buffers by increasing the savings in the ECA and strengthening the foreign reserves.
