Nigeria’s currency is dangerously exposed in the run-up to a presidential election in April that might prompt destabilizing inter-communal violence. With oil prices rising way above those projected in the government’s budget, money should have accrued over the past year into an Excess Crude Account (ECA) – if the fund had been used as intended when it was set up in 2004.
The ECA could have given the nation’s budget a cash buffer to protect against a dip in the price of Nigerian oil, now over $100 a barrel.
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