• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

  • Fact-Check
  • Economy
    • Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      NUPENG

      NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

      Customs, Defence Bureau Unveil Airboat for Smuggling War

  • National
    • Troops Neutralise Five Terrorists in Borno, Taraba Operations

      Omoyele Sowore and President Bola Ahmed Tinubu

      Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu…

      Prof Isa Pantami, former Minister of Communication and Digital Economy

      Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd…

      Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Nnamdi Kanu of IPOB arrested by Nigerian security services

      Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

    • Government
      • Omoyele Sowore and President Bola Ahmed Tinubu

        Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu…

        HCSF, Didi Esther Walson-Jack

        Federal Govt Moves to Fill 5 Permanent Secretary Positions

        Commissioner of Police, CP Ibrahim Adamu Bakori, and Chief Medical Director of AKTH, Prof. A. Abba Sheshe, and the Managing Director/Chief Executive Officer of KEDCO, Dr. Abubakar Shuaibu Jimeta

        Power Outage: Police Broker Peace Between AKTH, DisCos in Kano

        Nnamdi Kanu of IPOB arrested by Nigerian security services

        Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

        Doctors

        Resident Doctors Commences Indefinite Strike in FCT

  • Security
    • Military Troops in Action

      Troops Neutralize Two Notorious Bandits in Katsina Forest

      Troops Neutralise Five Terrorists in Borno, Taraba Operations

      Omoyele Sowore and President Bola Ahmed Tinubu

      Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu…

      Troops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in Borno

      SP Abimbola Adebisi

      IGP Appoints SP Adebisi as Lagos Police PRO

  • Features
    • Prof Isa Pantami, former Minister of Communication and Digital Economy

      Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd…

      Healing Nigeria: A Chronicle of Health Reforms

      Book Review: Is This the Cure? A Look into Healing Nigeria…

      Diplomacy and Digital Innovation – Youth Insight

      Book Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      Charlie Kirk

      Who Really Killed Charlie Kirk? By Femi Fani-Kayode

  • State
    • Military Troops in Action

      Troops Neutralize Two Notorious Bandits in Katsina Forest

      Troops Neutralise Five Terrorists in Borno, Taraba Operations

      Prof Isa Pantami, former Minister of Communication and Digital Economy

      Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd…

      Troops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in Borno

      Commissioner of Police, CP Ibrahim Adamu Bakori, and Chief Medical Director of AKTH, Prof. A. Abba Sheshe, and the Managing Director/Chief Executive Officer of KEDCO, Dr. Abubakar Shuaibu Jimeta

      Power Outage: Police Broker Peace Between AKTH, DisCos in Kano

  • Event
    • Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

      PHOTOS: BUK Alumni Association Launches Digital Hub to Unite Global Graduates,…

      Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

      Again, ​IPRA Shortlists Nigeria Customs, IMPR for Golden World Awards, Celebrates…

    • PR Nigeria Award
  • E-Paper
Home Economy Senate Abolishes Excess Crude Account, Shuns Probe of $122.2m Fraud
  • Economy
  • National

Senate Abolishes Excess Crude Account, Shuns Probe of $122.2m Fraud

By
Prnigeria
-
November 7, 2017
Senate President Bukola Saraki
Senate President Bukola Saraki
Senate Abolishes Excess Crude Account, Shuns Probe of $122.2m Fraud
The Senate has ruled against the attempt by some senators to influence the setting up of an ad-hoc committee to probe the $122.2m that had accrued from the excess crude account, ECA between May 2015 and August 2017, but which was not paid into the account.
This is just as the upper legislative chamber approved immediate abolition of ECA, an account being used to save oil revenues above a base amount derived from a defined benchmark price
It declared that the account “is alien to the 1999 constitution as amended or any known law in the country”.
The senate resolution followed the adoption of a motion, “The Excess Crude Account: an Illegality and a Drain Pipe”, by Senator Rose O. Oko (PDP Cross River North) and cosponsored by 43 other senators cutting across party and ethnic differences.
One of the prayers on the motion was that the senate should “mandate an ad-hoc committee to investigate the revenue that accrued from the amount above the oil benchmark from 2004 to date and its utilization, identifying any infractions committed and report back within two months”.
Surprisingly, majority of the senators, including former governors who were parts of management of the account in their various states when it was introduced shouted ‘nayes’ while the senate president, Dr. Bukola Saraki, also a former governor quickly ruled in favour of opposition to the probe.
The upper legislative chamber, however, urged the government to pay the amount above the oil benchmark into the Federation Account and appropriate some into the Nigerian Sovereign Investment Authority, NSIA and other sectors in compliance with the constitution.
Senator Oko, while leading debate on the motion, said the senate had observed that between May, 2015 and August, 2017, about US $122.2m had accrued and ought to have been paid to the ECA.
She enjoined the Upper House to place the US $122.2m in the Sovereign Wealth Fund, SWF upon the amendment of section 162 of the Constitution and other sectors as deemed appropriate
She particularly advised the government to act in conformity with sections 80 (1-4) and 162 (1-3) of the 1999 Constitution as amended in its revenue receipt and expenditure, saying that the present administration had in May 2017, announced a resumption of arbitrary payment into the ECA of $87m ostensibly since May, 2015.
According to her, the senate was “deeply saddened by the continued impunity of the ECA and its discretionary operation in contravention of the 1999 Constitution, creating room for imprudence, recklessness and arbitrariness”.
She added that the upper legislative chamber was “very concerned that this is one veritable source of huge revenue leakage in the country”.
The lawmaker informed that ECA was set up in 2004, ostensibly to provide savings for the country and stabilization for the economy during periods of shortfalls in oil revenue, adding that the accruals to the account were expected to be the amount above the benchmark of crude oil sales.
Senator Oko said the Upper House was “further alarmed that a report by the National Resource Governance Institute rates Nigeria’s Excess Crude Account as one of the most poorly managed around the world, where its operation is discretionary and at the whims of the Executive”.
She noted for instance that the ECA increased from $5.16b in 2005 to over $20b in 2008, and decreased to less than $4b by 2010 with no known tracking of its operations.
The lawmaker alleged that “at various times and from several quarters in 2013, it was purported that $5b was missing from the ECA, and that $2b was withdrawn without authorization”.
According to her, Nigeria cannot continue to operate an appreciable quantum of revenue arbitrarily, outside the law with no checks and balances while expecting amendment of section 162 of the constitution to cure the problem of savings for the nation.
In his contributions, Senator Adamu Aliero (APC Kebbi Central) supported the abolition of the ECA which he recalled was introduced during former President Olusegun Obasanjo administration to protect planned budgets against shortfalls due to volatile crude oil prices.
He said if the account, out of which the independent power project, IPP among others were sponsored, is stopped, it would ensure transparency and accountability in revenue generation and payment into the Federation Account.
Senator Mao Ohuabunwa (PDP Abia North) also argued that the ECA should be abolished despite the fact that the country needs to save for the rainy day due to the alleged impunity and arbitrariness in the account’s operation.
He called for the setting up an ad-hoc committee to investigate the revenue that accrued from the country’s oil benchmark from 2004.
Speaking in the same vein, Senator Atai Ali Aidoko (PDP Kogi East) described the present operations of ECA as the “biggest flush fund” in the country, saying one-third of the spending were done with illegality.
But Senator Suleiman Hunkuyi (APC Kaduna North) advised that National Assembly should look into how to regulate the ECA for surplus funding rather than its complete abrogation.
According to him, the exigency of the time called for the introduction of the account, but agreed that the way it was poorly managed should be urgently addressed.
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Excess Crude Account
  • senate
Previous articleAppeal Court Reserves Judgment in Suit Seeking Tambuwal’s Sack
Next articleStill on economic diversification in Niger State 
Prnigeria
Prnigeria
http://www.PRNigeria.com

RELATED ARTICLESMORE FROM AUTHOR

Troops Neutralise Five Terrorists in Borno, Taraba Operations

Omoyele Sowore and President Bola Ahmed Tinubu

Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu Post

Prof Isa Pantami, former Minister of Communication and Digital Economy

Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd El-Bonga Ibraheem

Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues End

Nnamdi Kanu of IPOB arrested by Nigerian security services

Court Rejects Nnamdi Kanu’s Request for Transfer to National Hospital

Troops Repel Bandit Ambush in Katsina as Four Farmers Abducted in Zamfara

Military Troops during operations

Troops Recover Arms in Plateau, Intercept Drug-Laden Vehicle in Taraba

Healing Nigeria: A Chronicle of Health Reforms

Book Review: Is This the Cure? A Look into Healing Nigeria By Hanniel Noboh

Diplomacy and Digital Innovation – Youth Insight

Book Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook By Bilkisu Ahmed Shekarau

Renewed Hope in Central Banking

Book Review: Renewed Hope in Central Banking – A Blueprint for Nigeria’s Economic Future By Khadijah Lawan Muhammad

NAHCON

Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu Administration

Shehu Mohammed, corps marshall

SHAKE-UP: FRSC Redeploys Senior Officers to Bolster Operations Nationwide

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Troops Neutralize Two Notorious Bandits in Katsina Forest
  • Troops Neutralise Five Terrorists in Borno, Taraba Operations
  • Finally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu Post
  • Federal Govt Moves to Fill 5 Permanent Secretary Positions
  • Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd El-Bonga Ibraheem
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Troops Neutralize Two Notorious Bandits in Katsina ForestTroops Neutralise Five Terrorists in Borno, Taraba OperationsFinally, DSS Files Charge Against Sowore, Twitter, and Facebook over Anti-Tinubu PostFederal Govt Moves to Fill 5 Permanent Secretary PositionsGombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd El-Bonga IbraheemTroops Eliminate 2 ISWAP Senior Commanders, Other Terrorists in BornoDangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues EndPower Outage: Police Broker Peace Between AKTH, DisCos in KanoIGP Appoints SP Adebisi as Lagos Police PROBauchi Forum Condemns ATBU's Plan to Close FacultiesCourt Rejects Nnamdi Kanu’s Request for Transfer to National HospitalResident Doctors Commences Indefinite Strike in FCTTroops Foil Multiple Terrorist Attacks, Rescue Kidnap Victims in Zamfara, Kebbi, KatsinaTroops Repel Bandit Ambush in Katsina as Four Farmers Abducted in ZamfaraTroops Recover Arms in Plateau, Intercept Drug-Laden Vehicle in Taraba
X whatsapp