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SHOCKER! Excess Crude Account Depleted To $324m As At Oct. 2019

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The Excess Crude Account [ECA] of the Nigerian Government has been depleted to $324 million as at October, 2019, as revealed by BudgIT Nigeria.

BudgIT made the revelation in a series of tweets on its official Twitter handle on Wednesday.

According to the report, titled “A short story of Excess Crude Account BALANCE”, it showed a steady depletion of the account by successive governments after later President Umaru Musa Yar’Adua.

As at June 2007 when President Yar’Adua took over the realms of power from former President Olusegun Obasanjo, the account balance stood at $9.43 billion.

The account balance reached its peak under Yar’Adua when it stood at $20 billion as at January 2009.

However, following the death of Yar’Adua the account went on steady decline, commencing with the former President Goodluck Jonathan and reached an alarming crescendo with the President Muhammadu Buhari-led federal government when it dropped to a paltry $324 million as at October, 2019, as follows:

  • January 2011: $4.56 billion
  • December 2012: $8.65 billion
  • November 2013: $4.3 billion
  • December 2014: $2.45 billion
  • May 2015: $2.07 billion
  • April 2016: $2.26 billion
  • December 2018: $631 million
  • 2019: $324 million

According to the summary of the report, $107 billion was withdrawn from ECA from Jan. 2004 to Apr. 2018

When asked by a Twitter user, “Why are the intervals between the years selected uneven? It makes it seem like the figures are being cherry picked,” BudgIT answered:

“Balances were not provided in an even structure. We picked based on findings but it represents the trend.”

Nigerians react:

REVOLUTIONARY Jonathan Abang-Ugbal:

Even if those years were included, the balance as well as the UNEVEN decline is alarming. Where are all the trillions we recovered? Increased IGR? The current government has to apologize for all its mendacious propaganda

@harrydaniyan:

“Let me understand this: When Yar’adua took ill in 2009, we had $20b in the ECA account.

“He died in 2010 & GEJ took over.

“By the time GEJ (PDP) handed over to PMB (APC) in 2015, it had come down to $2.07b.

“Between then & now (with APC), it’s come down to $324m.

“Interesting!”

Izumoney @Izu_Money:

“We should shame Goodluck, I think he brought us to this mess.

“Imagine the balance from $20b – $2b…

“Are this what was withdrawn or the balance

Inside life:

“@OfficialPDPNig withdrawn $15.44bn within 2 years. God help us in this country called Nigeria.”

BlessedBeyondMeasure @Drmuzoic:

“Very soon it will be $-679b.”

GZi @the_horoatio:

“What are the respective oil prices in each of these periods?”

Jude Orazulike, PMP @judeorazulike:

“Since 2015, the excess crude account balance has been going down, and FG debt is going up. Do the maths.”

Godwin Nwuzor:

“What are all this used for?

“No good road from Onitsha to Abakaliki Fed. Road. No good from Akure to Ado-ekiti and many more.”

The SEED @DicotyleDON09:

“Later, someone will compare this present Buhari admin with OBJ and Yar’Adua someday.

“Let social infrastructure and policies be directly proportional to the value of your ECA withdrawal/balance

“I hope the account balance will not be in negative by 2023?”

Bamboo @mr_afolayan:

“Upon all this money withdrawn we still in dismal, oh no!”

O’muyiwa 🇳🇬 @odubayo822

“We should just share the balance and we forget about this ECA. The coming generations can know how terrible we were.”

Galactic:

“That is more than enough to vanquish poverty from Nigeria. The world should declare an international emergency on the human beings of Nigeria.”

Yemi Web Master @ScarTissue101:

“You didn’t put figures for 2010.

“You need to put them so that the falsehood that GEJ met over $30bn and squandered it does not continue to spread.”

Castroy Adewale @castroy_hardey:

“Please forget 30b let us talk of 20b that reduced to 2b at a time when oil price was at the highest level ever. Yet with nothing to show for it.”

Polytechnic Professor @eblarck

“This may explain somethings. Did his family emptied the account or the subsequent Ogas

“Nigeria’s civic tech organisation, raising the standards of transparency, citizen engagement & accountability most especially in public finance.”

BudgIT Nigeria @BudgITng is Nigeria’s civic tech organisation that is raising the standards of transparency, citizen engagement  and accountability most especially in public finance.

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