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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Fund Profile/New Launches

Excess Crude Account is a purposeless account

Posted on 09 September 2013

The Sovereign Wealth Fund is a kind of project that not many people understood its purpose. It would be good to start from the main purpose of the fund. But first, let me highlight the nature of governance we have n Nigeria. We are a federation and we put all revenue that comes to the country, either in the form of tax, customs or any form, the surplus into this Sovereign Wealth Fund, which the federal and state governments contribute to.
In effect, this money does not belong to the federal government alone. Because of that, the federal has very limited authority over the fund because 37governments contribute to it. This raises a lot of constitutional problems………………………………………..Full Article: Source


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