The nation’s Excess Crude Account, ECA, balance stood at $2.45 billion and has impacted part of official reserves, which amounted to $23.91 billion as at October 21.
Analysts have opined that the oil price crisis resulted from drastic, adverse structural shift in the global market demand and supply of oil and gas.
International market price of oil plunged by about 43 per cent from an average of about $100.35 for the 12 months of 2014 to an average of $57.20 for the first six months of last year and closed at $51 on Monday.
The ECA has also taken a toll on the payout of the Federation Account Allocation Committee, FAAC, as cash disbursements to the three tiers of government fell by N90 billion in October, from N420 billion in September.
Oil price crash dragged down FAAC reserves,leading to the slide in the allocation and the inability of many states of the federation to fulfill their expected obligations.
