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Sovereign Wealth Funds Briefing - Categorized | Market, Trends

Nigeria: The seeds of impunity

Posted on 25 June 2013

The newspapers last week, were full of plaints by a senior minister (at the centre). The main charge? Apparently, successive attempts by the central government to set up a “rainy day fund” have been up-ended by the state governors. Worse, these same dastardly types were responsible for the rapid draw-down of the balance previously salted away in the Excess Crude Account (ECA) and the piffling sums we eventually managed to start up the Sovereign Wealth Fund (SWF) with.
This, of course, is a woeful turn of events. Every one of us, at least in our private capacity, is reconciled to the incongruity of eating all that we kill. Something, however little, is required to be kept away, in the event that our best laid plans for tomorrow go awry. Hunger, maybe, but not immediately………………………………………..Full Article: Source


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