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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Profile/New Launches

Reps declare $8.4bln Excess Crude Account illegal

Posted on 18 October 2012

The House of Representatives yesterday declared Nigeria’s excess crude account illegal and in clear breach of the constitution that provides for all government’s funds to be remitted to the country’s consolidated federation account.
Also, the House declared its intention to reduce the recurrent expenditure and increase the capital expenditure contained in the recently presented 2013 budget estimates………………………………………..Full Article: Source


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