The balance of the Excess Crude Account (ECA) has dropped to $71.81 million from $324.968 million between January and February, 2020, indicating a $253 million drop.
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The drop was shown by a report released by the Office of the Accountant-General of the Federation on Wednesday.
Nigeria had been ranked second worst in the world, behind Qatar, in the use of sovereign wealth funds by a report released by the International Monetary Fund in April, 2019.
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The ECA was set up by former president, Olusegun Obasanjo, in 2004 for saving revenue realised from crude oil sales above the budgeted benchmark price.