19.05.2014 - Give SWF Constitutional Foundation
During a presentation to the National Conference Committee on Public Revenue and Finance, the Central Bank of Nigeria (CBN) suggested that the Sovereign Wealth Fund (SWF) be included in the country’s constitution. The fund has been mired in controversy because it is clandestinely used as a substitute for the Excess Crude Account (ECA) to provide long-term savings for economic stabilisation, development of infrastructure and generational equity. The governors of the 36 states have contended that such a move is unknown to law and are asking the Supreme Court to truncate the attempt by the federal government to withdraw $2 billion from the ECA for investment in the SWF. The governors had alleged that from the $20 billion in the account in 2008, the federal government had depleted it to $3.7 billion.........................................Full Article: Source
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