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

Elected politicians put Nigeria at risk as $20bln oil fund is squandered

Posted on 16 August 2010

From Businessdayonline.com: The culture of profligacy and expensive lifestyle among Nigeria’s elected politicians which focuses on the benefits of today without a commensurate transfer to Nigerians, is putting the country at serious economic risk, say the World Bank and analysts spoken to by BusinessDay at the weekend.

They warn that Nigeria is at risk of not having a fall back fund should it run into major financial difficulties following the fast depletion of its Excess Crude Account (ECA) from $20 billion in 2007 to a mere $450 million…………………………………….Full Article: Source

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