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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Reps probe N114bln withdrawal from Stabilisation Account

Posted on 29 March 2012

The House of Representatives, yesterday, mandated its Joint Committees on Finance and Appropriations to investigate alleged indiscriminate withdrawals from the stabilisation account by the Federal Government.
The stabilisation account is meant to be used to fund deficits in the budget when oil price is below the approved budget bench mark price.When on May 27, 2011 the president signed the 2011 Appropriation Amendment Bill and Nigerian Sovereign Investment Authority, NSIA, Bill into law, he stated that revenues accruing to the authority would be invested by it through three special funds……………………………………….Full Article: Source

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