Adio contended that the country’s paltry savings may have defeated the rationale for having the savings int he first place, adding that, “Nigeria does not have oil savings to finance even a fifth of a year’s budget at the federal level, not to talk of having enough for investments or for the future generation.”
He added that, “Different oil revenue saving funds should be consolidated and the legal framework harmonised. Specifically, the 0.5% Stabilisation Funds and the Excess Crude Account should be merged with the Sovereign Wealth Fund, as this multiplicity of savings funds with different rules has led to uncoordinated and widespread extra-budgetary spending.”
18 July 2017, Sweetcrude, Abuja — The Nigeria Extractive Industries Transparency Initiative, NEITI, Tuesday, lamented that after 40 years of…
02 July 2017, Sweetcrude, Abuja – A report by the Natural Resource Governance Institute, NRGI, has accused the Nigerian government…
“The government discloses almost none of the rules or practices governing deposits, withdrawals or investments of the ECA,” the report said. It added that the account, along with the other worst performers, is “so opaque that there is no way to know how much may be lost to mismanagement.”
The trace of the alleged missing fund believed to have been stolen and diverted to a foreign destination, was contained in the two documents submitted by the Nigerian National Petroleum Corporation (NNPC) at the committee’s sitting.
*Excess Crude Account now $2.299bn, Excess PPT account $67m 28 May 2017, Sweetcrude, Abuja — A total of N415.730 billion…
According to Idris, the allocations from the Federation Account to the three tiers of government also declined by N52.07 billion from the N467.8 billion shared in March to N 415.73 billion in April this year.
02 May 2017, Sweetcrude, Abuja -The Minister of Finance, Mrs. Kemi Adeosun, said on Monday that the federal government has…
The scheme takes off on May 1 for up to six months and will offer a window for those who, before now, have not complied with extant tax regulations to remedy their positions by the provision of limited amnesty to enable voluntary declaration and payment of liabilities.
