23.04.2014 - FG, states, LGs share N1.912tn in first quarter
In his opinion, the Emerging Markets Strategist, Standard Bank Plc, Samir Gadio said the oil revenue, which is continuously monetised and shared among the three tiers of governments, prevents any tangible accumulation of the forex reserves as well as the Excess Crude Account (ECA). Gadio added: “Clearly, this model is not sustainable. Nigeria is already a distinct laggard in terms of fiscal savings-to-GDP ratio compared to oil producing peers and will most likely be unable to withstand an external shock should oil prices fall in the future.”He stressed the need to make the Sovereign Wealth Fund very effective, adding that there is need for increased fiscal accountability...............................................Full Article: Source
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