Who Won the U.S. Presidential Debate?

The NBS stated that a total of N1.36tn was paid into the account between July 2022 and June 2023, while N5.48tn was disbursed in one year under President Bola Tinubu’s administration, indicating an increase of N4.12tn or 304.1 per cent within the review period.

The ECA, similar to the structure of the Excess Crude Account, is an account created to save the extra funds made anytime the country made excess revenue from non-oil exports fuelled by the unification of the foreign exchange market and fuel subsidy removal.

The savings account domiciled with the Central Bank and managed by the Office of the Accountant General of the Federation is utilised when revenue is low.

Established in 2004 by former President Olusegun Obasanjo, the ECA functions as a natural resource fund, primarily serving as a fiscal buffer during economic downturns.

This formula currently allocates 52.68 per cent of revenue to the Federal Government, 26.72 per cent to states, 20.60 per cent to Local Governments, and 13 per cent for derivation.

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