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Created in 2004 by
the administration of Olusegun Obasanjo, the Excess Crude Account had
accrued up to $17.3 billion in 2007 and peaked at about $32 billion
from $5.1 billion when it was created.

In January 2009, the Excess Crude Account had a balance of $20 billion.

In February, the
Federation Account Allocation Committee recommended the sharing of $2
billion, after the state governors mounted pressure on the federal
government to share $4 billion.

In April, the National Economic Council approved $5.3 billion to fund the federal government’s power intervention.

Between June and
August 2009, $4 billion was shared by the government, after the state
governors went to court praying that the whole amount in the reserve be
shared.

Another $2 billion was shared to ameliorate the international oil price that was drastically reduced by global economic crisis.

Another $2 billion was injected into the economy as an economic stimulus towards the end of 2009.

In April 2010, $5.3 billion was released by the Accountant General Office.

In December 2010, $1 billion was approved by the president to be shared by the state governors.