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Excess Crude Account Balance Hits $35.8m 

The Minister of State For Budget and National Planning, Prince Clem Agba
The Minister of State For Budget and National Planning, Prince Clem Agba

January 23, (THEWILL) -The Federal Government has given an update on the Excess Crude Account (ECA) balance, which was put at $35,868,086.40 as at 17th January, 2022.

The Minister of State For Budget and National Planning, Prince Clem Agba, gave the figure during the 122nd physical meeting of the National Executive Council (NEC) , chaired by Vice President Yemi Osinbajo, SAN recently.

The meeting, which focused on sub-national ease of doing business, demographic transition and others, also had some state governors, the Minister of the Federal Capital City, Mallam Mohammed Bello, the Secretary to the Government of the Federation, Mr Boss Mustapha and the Central Bank Governor, Mr. Godwin Emefiele, among others, in attendance.

While the Stabilisation Account balance, as at January 17, 2022 stood at N30, 685, 611, 413.79, while the Development of Natural Resources Account balance as at the same period, stood at N42, 820,382,381.40.

In his presentation, Agba also sought the support of the National Executive Council on the Official Development Assistance (ODA) Policy for Nigeria.

According to the minister, the ODA policy will serve as a guide for Nigeria’s Official Development Assistance (ODA)  relationship, regulate and co-ordinate the flow of aid, as well as provide an operational framework for delivery and receiving international development assistance by ministries, departments and agencies at both national and sub-national levels.

Explaining further, he pointed out, that the policy would address the issues of poor aid coordination; ineffective management of aid programmes and resources; data availability and reliability; poor linkages and lack of harmonization amongst Development Partners, guide creation of platforms to measure the impact of aid on Nigeria’s development aspirations and ensure mutual accountability and transparency amongst partners.

Noting that the ODA Policy for Nigeria was designed to guide the utilisation of bilateral, multilateral and non-governmental grants into the country, and is also to help facilitate partnerships through other platforms of International Cooperation such as North-South, South-South and Triangular Cooperation across all sectors of Nigeria economy, the Council resolved that the Nigerian Governors’ Forum should take a closer look at the policy document and make sufficient input.

Also making a presentation on the Sub-national Ease of Doing Business Project and State Action on Business Enabling Reform (SABER) Programme, to the Council, the Special Adviser to the President on Ease of Doing Business, Dr Jumoke Oduwole, noted that the second iteration of the Sub-national Ease of Doing Business Report will deepen the scope of the reforms based on what the private sector says about the business climate in Nigeria.

According to Oduwole, the initial criteria (framework) focused on security and infrastructure, transparency, access to information, the regulatory environment, and skills and workforce readiness.

The SA explained that the second edition would include economic opportunity, and level of digitisation, just to deepen the scope based on private-sector ideas regarding improving the business climate in Nigeria.

Determined to consolidate the gains of the previous subnational surveys on Nigeria’s business climate, the NEC recently rose from its first meeting for the year, firmly supporting the second iteration of the Sub-national Ease of Doing Business Report, which is to be launched in the second quarter of 2022.