Nigeria’s Excess Crude Account (ECA) has grown by 13% over the past two years, reaching $535,823.39 as of October 23, 2025, according to an analysis of National Economic Council (NEC) data.

While the increase marks a modest improvement from the $473,754.57 recorded at President Bola Tinubu’s first NEC session in June 2023, it remains a far cry from the account’s 2008 peak of over $20 billion under President Umaru Yar’Adua.

The ECA, established in 2004 to save oil revenues above budget benchmarks, is one of three key sovereign buffers. The Stabilisation Account, which supports state and local governments during revenue shortfalls, surged 229% to ₦87.67 billion from ₦26.63 billion. Meanwhile, the Natural Resources Fund, earmarked for economic diversification, rose 46% to ₦141.59 billion.

These gains reflect NEC’s renewed focus on fiscal resilience, including efforts to curb crude oil theft and restore production. A revived committee in December 2023 tackled pipeline vandalism that had slashed output to 700,000–800,000 barrels per day—well below Nigeria’s OPEC quota. Production has since rebounded to 1.7 million bpd in 2025.

Other initiatives include:

• The $617.7 million i-DICE program to support tech jobs and innovation
• Reforms in food security and power infrastructure
• An October 23 crackdown on gold smuggling, paired with revamped security training

Despite these efforts, Nigeria’s fiscal landscape remains fragile. Inflation stands at 34%, and the naira’s volatility continues to pressure naira-denominated accounts. The country’s debt stock has climbed to nearly ₦97 trillion, raising concerns about long-term sustainability.

The NEC has held 15 meetings since June 2023, signaling high coordination, though recent sessions have lapsed. Experts caution that while the uptick in savings is encouraging, deeper structural reforms are essential to prevent erosion and ensure lasting economic stability.