sharing in governance of extractive industries

Nigeria: Experts criticize $1bn emergency disbursement - Vanguard

By Clara Nwachukwu


LAGOS — Economic experts have condemned Friday’s Federal Government’s sharing of $1bn from the Excess Crude Account.

More significant, they noted, is the fact that there was no justifiable reason for such disbursement, which has almost emptied the account on which government falls back on for emergency needs.

Speaking with Vanguard on the development in a telephone interview, frontline economist and Chief Executive Officer, Financial Derivatives Ltd, Mr. Bismack Rewane, said: “There is no economic justification for leaving only $300 million in the Excess Crude Account.”

According to Rewane, “it is difficult to explain why such an amount ($1bn) was shared in such an arbitrary manner, as there was no known economic or natural disaster like Tsunami. There is no justification, except government knows something that the rest of Nigerians do not know that they need to explain to us.”

Also, a former Minister of National Planning, Chief Rasheed Gbadamosi, said as much as the Federation Accounts Allocation Committee, FAAC, might have done its homework well in releasing such an amount for disbursement, it is the right of the people to know why.

A former presidential aspirant and Chairman Airtel Nigeria, Mr. Gamaliel Onosode, who refused to comment on the development directly, said Nigeria “needs a more serious minded people to run its affairs.”


Culled from: http://www.vanguardngr.com/2011/01/experts-criticise-1bn-emergency-...

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