Ezekwesili, others advise FG on Excess Crude Account
Stakeholders, including a former Vice-President, Africa Region, World Bank, Oby Ezekwesili, on Monday called on the Federal Government to insist on accountability and binding rules on revenue outflow from the nation’s Excess Crude Account.
They said the absence of rules of practices governing deposits, withdrawals and investment of the ECA led to Nigeria being ranked as having the most poorly governed sovereign wealth fund among 33 resource-rich countries in a 2017 report by the Natural Resource Governance Institute.
The stakeholders spoke at a roundtable meeting on savings and stabilisation mechanism for Nigeria, organised by the Shehu Musa Yar’Adua Foundation in Lagos.
According to Ezekwesili, members of the executive in the country have turned the ECA into an instrument to withdraw funds from, when in the real sense, the funds are meant to be kept safe, saved abroad and invested in human capital and world-class intuitions.
She said there was a need to develop a mechanism to bring the federal and state governments together to discuss issues that would benefit all.