The balance in Nigeria’s Excess Crude Account (ECA) has reduced significantly from the $35.7 million it was as of June 2022 to $376,655.09 as at July 25, 2022.

A communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2022, held in Abuja yesterday disclosed this.

Also, the International Monetary Fund (IMF) has advised Nigeria and other African countries currently experiencing high debt levels to as a matter of urgency take proactive measures to restructure them in order to avoid debt crises.

But no explanation was given for the huge drop in the ECA. The slump in the ECA came as allocation to the federal, state and local governments increased by N121.624 billion as FAAC shared a total sum of N802.407 billion for June.

The sum of N680.783 billion was shared in the preceding month of May and N656, 602 in April.