Senate stops withdrawal from excess crude account

Guardian

1 March 2011

Senate stops withdrawal from excess crude account .

.Plans transfer of funds to Sovereign Wealth Account

ANY further withdrawal from the controversial Excess Crude Oil Funds by the Executive arm of government may no longer be tolerated by the Senate, which yesterday described its existence as alien to Nigeria’s Constitution.

To the operators and beneficiaries of the account, the Senate directed them to await the passage of the Sovereign Wealth Bill currently before the National Assembly, which spells out the usage of such monies.

The Senate also hinted yesterday that it would push for the use of the excess crude funds to execute the 2011 budget and frowned at the budget envelopes given to the ministries and parastatals by the Budget Office.