Senate calls for Excess Crude Account to be scrapped

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The Senate on Tuesday called for the abolition of the Excess Crude Account and also called on the executive to pay the amount realised above the oil benchmark into the Federation Account in compliance with the constitution, Premium Times reports.

It further requested the executive to act in conformity with Sections 80 (1-4) and 162(1-3) of the 1999 Constitution (Amended) in its revenue receipt and expenditure. These resolutions followed a motion by Rose Oko (PDP-Cross River) and were also co-sponsored by 18 other senators.

Senator Oko said; “These breaches of the constitution in setting up and operating the ECA have created room for the pool of funds from revenue accruing to the federation being operated without legal backing.” She also said the funds accruing to the federation were being operated without checks and balances providing loopholes for imprudence and financial recklessness.