The National Economic Council has revealed that Nigeria’s Excess Crude Account now stands at $35,868,086.40 as at 17th January 2022.
This information was made public in a presentation delivered by the Honorable Minister of State for Budget and National Planning, Prince Clem Agba during the 122nd physical meeting of the Council in Abuja.
The Council stated that it will support the second iteration of the Subnational Ease of Doing Business Report which is to be launched in the second quarter of 2022.
What the report said
In his presentation, Mr Agba revealed the current state of Nigeria’s underlisted accounts as at 17th of January 2022.
Agba stated:
- Nigeria’s Excess Crude Account (ECA) Balance As At 17th January 2022 Stands At $35,868,086.40.
- Stabilization Account Balance As Of 17th January 2022 Stands At N30, 685, 611, 413.79
- Development Of Natural Resources Account Balance As At 17th January 2022 Stands At N42, 820,382,381.40
The ECA is a savings account retained by the Federal Government and is funded by the difference between the market price of crude oil and the budgeted price of crude oil as contained in the appropriation bill.
According to the Special Adviser to the President on Ease of Doing Business, Dr Jumoke Oduwole, who made a presentation to Council on the Subnational Doing Business Project and State Action on Business Enabling Reform (SABER) Programme, the second iteration of the Subnational Ease of Doing Business Report will deepen the scope of the reforms based on what private sector is saying about the business climate in Nigeria.
“The initial criteria (framework) focused on security and infrastructure, transparency and access to information, the regulatory environment, and skills and workforce readiness.
“The second edition will include economic opportunity, and level of digitization, just to deepen the scope based on private-sector ideas regarding improving the business climate in Nigeria,” Oduwole said.
Council also received an update presentation on the State Performance Report on Disease Outbreaks in Nigeria by the Director-General of the Nigerian Centre for Disease Control (NCDC), Dr Ifedayo Adetifa.
Present at the meeting were State Governors, the FCT Minister, Mallam Mohammed Bello and the Minister of State for Budget and National Planning, Prince Clem Agba, the Secretary to the Government of the Federation, Mr Boss Mustapha, and the Central Bank Governor, Mr. Godwin Emefiele.
In case you missed it
Recall Nairametrics reported yesterday that the Office of the Vice President denied that the Yemi Osinbajo-led National Economic Council (NEC) recommended lifting the price of Premium Motor Spirit (PMS), otherwise known as petrol to N302 per litre.
