From $2.1 billion left by Jonathan, Buhari depletes excess crude account to $60 million



Nigeria’s Excess Crude Account now stands at $60 million down from the $2.1 billion the Muhammadu Buhari regime met it in 2015.

OYINDAMOLA OLUBAJO

President Muhammadu Buhari’s regime has announced that Nigeria’s Excess Crude Account (ECA) balance as of October stands at $60, 857,773.43, a drastic depletion from the $2.1 billion left by Goodluck Jonathan’s administration.

Clem Agba, the minister of state for budget and national planning gave the update during the national economic council meeting at the State House in Abuja on Friday, according to a statement by Laolu Akande, spokesperson to Vice-President Yemi Osinbajo.

“Excess Crude Account (ECA) balance as at 13th October 2021 stands at $60, 857,773.43; Stabilisation Account, balance as at 13th October stands at N25,009,892,511.55; Development of Natural Resources Account balance as at 13th October 2021 stands at N56,144,024,000.71,” the statement said.

As of July 13, NEC announced that the excess account balance stood at $60.8 million while stabilisation account was N26.3 billion with the natural resources account balance standing at N23.5 billion.

The ECA, created in 2004 by former President Olusegun Obasanjo for the sole aim of saving oil revenue in excess of the budgeted benchmark, stood at $3.6 billion in February 2014, one of the highest balances on record.

In 2015, the former minister of finance Ngozi Okonjo-Iweala disclosed that the country earned $61.7 billion (about N12.3 trillion) as excess crude oil money between 2011 and 2015.

The minister said Nigeria earned about $18.14 billion in 2011; $18.16 billion in 2012; $15.19 billion in 2013; $8.01 billion in 2014, and $2.17 billion in 2015.

As of August 2015, after Mr Buhari assumed office, it stood at $2.2 billion but it gradually depleted.

The Central Bank of Nigeria in its 2018 report said that the country’s excess crude account fell from $2.45 billion in 2017 to $480 million as of December 2018.

Statistics from the ministry of finance had also revealed that the Buhari regime withdrew N1.5 trillion (about $4.92bn) between 2015 and 2019 from the account. $1 billion was withdrawn in 2017 on basis that it will be used to procure arms and train personnel in the fight against Boko Haram insurgents in the North-East.

A 2020 analysis by BudgIT, a civic organisation had indicated that Nigeria’s excess crude oil under Mr Buhari stood at $631 million in December 2018, $324 million in October 2019, and fell to $70 million in February 2020.

https://gazettengr.com/from-2-1-billion-left-by-jonathan-buhari-depletes-excess-crude-account-to-60-million/


Lalasticlala

What Buhari can not ruin does not exist.

ConqueredWest:


What Buhari can not ruin does not exist.

I can recollect Tunde Bakare said, “Goodluck Jonathan’s destiny is to bankrupt Nigeria”.

What can we now say about Mohamodu Buhari’s destiny.

ConqueredWest:


What Buhari can not ruin does not exist.

It's doesn't ooo

I won't be suprised if this article is filled with lies.

Btw, the news is a very old one recycled to create choas.

This is the link

https://investorsking.com/2021/01/23/nigerias-excess-crude-account-eca-balance-now-72-4-million/

Facts.

1. Excess Crude Account (ECA) was established in 2004 by the Federal Government to stabilize Nigeria’s economy and smooth out the effect of crude oil fluctuation on Africa’s largest economy.

2.The ECA rose to its highest of $20 billion in November 2008( yaradua/jonathan) during the global oil boom when prices were above $100 per barrel.

3. At the end of Jonathan tenure in 2015 the ECA was 2.1 billion.

How come from 2008 to 2015, the ECA was depleted from 20 billion dollars to 2.1 billion.

Are they trying to tell me that from 2008 to 2015 durings the years of both yaradua and Jonathan they spent 17.9 billion dollars on stabilizing the Nigerian economy even though during those periods we had an oil boom??

With such a depletion of the ECA, yet this nation have chronic debt pillage ironically under the same Buhari’s regime.Meanwhile why are the current governors not agitating that the balance should be shared before the FG will loot everything as in the time past?

These set of leaders are bastard with no chill.

Dullard bubu is a good leader Nigeria ever have lol.

Soon na everybody not just ab0ki go dey sell suya..

A country that relies on China, IMF and World bank loans to service budget yet NNPC, NCS, Immigration and other top revenue agencies can't give account or is it that they don't remit enough?

Please where are the monies seized from corrupt politicians and repatriated Abacha's loots? We're seriously jonzing in this country o!

thebosstrevor1:
[s]I won't be suprised if this article is filled with lies.

Btw, the news is a very old one recycled to create choas.

This is the link

https://investorsking.com/2021/01/23/nigerias-excess-crude-account-eca-balance-now-72-4-million/

Facts.

1. Excess Crude Account (ECA) was established in 2004 by the Federal Government to stabilize Nigeria’s economy and smooth out the effect of crude oil fluctuation on Africa’s largest economy.

2.The ECA rose to its highest of $20 billion in November 2008( yaradua/jonathan) during the global oil boom when prices were above $100 per barrel.

3. At the end of Jonathan tenure in 2015 the ECA was 2.1 billion.

How come from 2008 to 2015, the ECA was depleted from 20 billion dollars to 2.1 billion.

Are they trying to tell me that from 2008 to 2015 durings the years of both yaradua and Jonathan they spent 17.9 billion dollars on stabilizing the Nigerian economy even though during those periods we had an oil boom??[/s]

Zombie. Always yapping trash
Don't know between this idiot and Buhari who daft pass

The mission of general MUHAMMED Buhari is to bring Nigeria to ruins. A disaster of a human being

thebosstrevor1:
I won't be suprised if this article is filled with lies.

Btw, the news is a very old one recycled to create choas.

This is the link

https://investorsking.com/2021/01/23/nigerias-excess-crude-account-eca-balance-now-72-4-million/

Facts.

1. Excess Crude Account (ECA) was established in 2004 by the Federal Government to stabilize Nigeria’s economy and smooth out the effect of crude oil fluctuation on Africa’s largest economy.

2.The ECA rose to its highest of $20 billion in November 2008( yaradua/jonathan) during the global oil boom when prices were above $100 per barrel.

3. At the end of Jonathan tenure in 2015 the ECA was 2.1 billion.

How come from 2008 to 2015, the ECA was depleted from 20 billion dollars to 2.1 billion.

Are they trying to tell me that from 2008 to 2015 durings the years of both yaradua and Jonathan they spent 17.9 billion dollars on stabilizing the Nigerian economy even though during those periods we had an oil boom??

you daftus are still defending this complete failure of a president. Will it be right to say your parents wasted money to train you in school abi na drop out you be?

Godjone:
you daftus are still defending this complete failure of a president. Will it be right to say your parents wasted money to train you in school abi na drop out you be?

The daft You quoted is an almajiri who was just fortunate to have a phone and know how to write simple English sentences

For six years, crude oil prices were extremely low, how do you expect the account to be grown under such circumstances?


The poster won't tell you that the foreign reserves grew from $28.6b in 2015 to $33.4 b as at July 2021



The excess crude account is not an exclusive preserve of the FG, it's a joint account with the states, and one billion dollars was used to purchase the weapons that are being used to destroy bh and bandits.



Since Nairaland is full of PDP illiterates, nobody will care to check how the account is run. The states will never allow the president to do whatever he wants with ECA, even gej was sued for tamparing with the account. So, you can as well blame all the governors too, including your states governors.

ijustdey:


From $2.1 billion left by Jonathan, Buhari depletes excess crude account to $60 million



Nigeria’s Excess Crude Account now stands at $60 million down from the $2.1 billion the Muhammadu Buhari regime met it in 2015.




https://gazettengr.com/from-2-1-billion-left-by-jonathan-buhari-depletes-excess-crude-account-to-60-million/


Lalasticlala

Maigaskiya himself

The Sheikh of Disappearing Dollars

Yes... it might be a herculean tax, a tough nut to crack, but someone once saved N75bn for a state, a two years allocation as at the time.. it can be done on a larger scale..

It can still be fixed.. let's fix it.

Nkwari nkwari