Nigeria’s Excess Crude Account( ECA) of the Federal Government has remained unchanged at $72.4 million as of April 22, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.
Giving further gave the update at the monthly National Executive Council (NEC) meeting held in Abuja on Thursday, she said the balance on the Stabilisation Account is N23. 3 billion; and Natural Resources Development Account -N77.74 billion.
The ECA is a stabilisation fund pioneered by former President Olusegun Obasanjo to hold proceeds of oil sales at prices above the oil benchmark price. The balance in Nigeria’s ECA has remained the same in more than six months despite the increase in global oil prices.
Since, early last year when the international oil prices plunged to a record low and oil revenue could not support the budget, withdrawals were made from the oil savings which saw it declined by as much as 77.7 percent from $324.54 million in November 2019.
The oil price benchmark for Nigeria’s 2021 budget was pegged at $40 per barrel and foreign exchange of N379/$ but crude oil has consistently been selling above $40 per barrel since the beginning of the year.
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A statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said the council also received a presentation on the current status of water, sanitation, and hygiene services level across the country.
The report the outcome of the 2019 WASH National Outcome Routine Mapping survey jointly carried out by the Ministry of Water Resources and National Bureau of Statistics (NBS) in collaboration with UNICEF.
He said the survey revealed among others that 28 out of 36 States and the FCT had urban water utilities out of which only 16 are functional and producing water for the people.
“The functional 16 state water agencies have a total number of 1,171 water works of which 41 per cent is operational,” he said.
He said the Minister of Aviation, Hadi Sirika, also made a presentation on National Aviation Infrastructure Development Plan.
The minister was qouted as listing his ministry’s key performance indicators to include concession of four international airports – Lagos, Abuja, Port Harcourt and Kano; implement a plan for effective maintenance and optimal use of all airport facilities across the country; and ensure and facilitate the establishment of a national carrier among others.
Akande said the council resolved that the minister should make available copies of the presentations to states so that the council would have a fuller understanding.
He said the council also received presentation on progress report on rail development from the Minister of Transportation, Rotimi Amaechi.
He qouted the minister as listing the key challenges to include inadequate funding, operational challenges, security and legal issues.
