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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market

Nigeria: Stop sharing Excess Crude Funds, ex-CBN gov tells Jonathan

Posted on 20 December 2012

A former governor of the Central Bank of Nigeria (CBN), Chief Joseph Sanusi, has told the federal government not to succumb to pressure to share the excess crude oil revenue among the three tiers of government.
Sanusi, who gave the advice in an interview with journalists yesterday in Lagos, said that spending all the money now could spell doom for the economy in future, but that they should be saved in the Sovereign Wealth Fund (SWF), for use on the rainy day. The excess crude revenue, which currently stands at $9.6 billion, was realised from crude oil sales above the budgetary crude oil price benchmark………………………………………..Full Article: Source


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