Nigeria’s excess crude account (ECA), used to buffer Africa’s second biggest economy against oil price shocks, contains $6.9 billion, up from $5.3 billion on June 20, Minister of State for Finance Yerima Ngama said on Thursday.

Nigeria’s gross revenues, mostly from crude oil exports, rose to 763.55 billion naira in June, up from 579.30 billion in May, due mainly to an increase in oil tax revenues, the accountant general said.

Source: Reuters