Excess Crude Account: We must amend Constitution
By Ifeanyi Nwoko
Shehu Musa Yar’Adua Foundation has advocated the amendment of Section 162 of the 1999 Constitution to include the establishment of the Excess Crude Account (ECA) and also make it automatic for the fund to be domiciled in the Nigeria Sovereign Investment Authority (NSIA).
This is even as they advocated that the law should also stipulate stringent measures from withdrawing from the account.
The Foundation at a roundtable on ‘The Savings and Stabilization Mechanism for Nigeria’, expressed grave displeasure that despite earning over one trillion dollars from oil between 1970 and 2018, there were no measurable investments or savings.
They therefore expressed support for sustainable and frequent injection of funds into the Sovereign Wealth Fund account.
The event which is the second in the series, was organized by the Oil Revenue Tracking…
Read More…..NAN
