Nigeria’s surplus crude account has declined 89 percent over the past eight years, rising from $4.1 billion in November 2014 to $472,513 in the same period in 2022.

The ECA’s balance as of November 23, 2022 was $472,513.64, according to a statement by the Department of Finance, Budget and National Planning on Wednesday.

The ECA is the federal government’s fiscal account created to conserve revenue generated from oil – in excess of the budget target price…