The Nigerian Senate on Tuesday resolved to ask President Muhammadu Buhari to abolish the operation of the controversial Excess Crude Account (ECA).
The upper chamber also urged President Buhari to direct relevant government agencies to pay the amount above the oil bench mark into the Federation Account and appropriate some of the fund to the Sovereign Wealth Fund.
The prayer which sought to mandate an Ad-hoc Committee to investigate the revenue that accrued from the amount above the oil benchmark from 2004 to date and it’s utilization, identifying any further infractions committed and report back within two months, was rejected by the lawmakers.
They requested the Executive 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 by paying the amount above the oil benchmark into the Federation Account in compliance with the Constitution.
The resolution followed the adoption of a motion entitled “The Excess Crude Account: An Illegality and a drain pipe” sponsored by Senator Rose Oko (Cross River North) and 42 others.
Senator Adamu Aliero (Kebbi Central) who seconded the motion noted that if the ECA is stream lined, it would go a long way in improving transparency and accountability.
Senator Oko in her lead debate noted that the Excess Crude Account was set up in 2004, ostensibly to provide savings for the country and stabilization for the economy during periods of shortfalls in oil revenue.
She also noted that the accruals to the ECA was expected to be the amount above the benchmark of crude oil sales.
The lawmaker expressed concern that “the ECA is alien to the 1999 constitution as amended or any known law in the country.”
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