The Excess Crude Account was established in 2004 to save oil revenues above the budget benchmark price (initially $30, later $52). The savings provided fiscal buffer during the 2008–09 global crisis and the 2014–16 oil collapse. The institutional design was correct; subsequent administrations drew the account down rapidly, leaving it at <$500m by 2023.
Obasanjo II · Fiscal2004Good spending· Peaked $20bn· Chapter I · Money
Excess Crude Account — Counter-Cyclical Savings
Saved oil revenues above the budget benchmark price. Peaked at $20bn (2008); largely raided since.
Sources
- · DMO Quarterly Debt Reports
- · CBN Annual Reports 2004–2023
What it cost — political & economic reality
The political and economic reality
Nigeria in 2004: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
President · Fourth Republic
Chief Olusegun Obasanjo
1999–2007· PDP
National reality
Return to civilian rule, 29 May 1999. Telecoms deregulation (2001) — GSM revolution. Paris Club exit, October 2005 ($30 bn debt relief, Okonjo-Iweala). Pension Reform 2004. EFCC established 2003.
Crises of the period
- Third Term agenda defeated 2006
- Niger Delta militancy intensifies
- ASUU strikes; Sharia introduction in 12 northern states
GDP (World Bank)
$59 bn (1999) → $166 bn (2007)
Cabinet (selected portfolios)
- Finance
Adamu Ciroma (1999–2003); Ngozi Okonjo-Iweala (2003–06)
- Education
Tunde Adeniran; Babalola Borishade; Fabian Osuji; Chinwe Obaji; Oby Ezekwesili
- Health
Prof. ABC Nwosu
Source: Federal Gazette 1999–2007; CBN; World Bank WDI
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.