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

The Nigerian governors’ chess game

Posted on 16 May 2013

In the case of Nigeria, SWF is derived from Excess Crude Account (ECA) of the country that is owned by the Federal Government, the states and local governments. It was established by Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister of the Economy.
Nigerian governors under the leadership of Amaechi were believed to have incurred the wrath of the Presidency by the manner of their opposition to SWF. They resisted it claiming, among other things, that that states should be allowed access to the funds as well, rather than having the Federal Government alone to have access to it. According to the governors, it was illegal and contrary to the country’s Appropriation Act of 2011 and the 1999 Constitution of the country……………………………………Full Article: Source


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