| Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February. “We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.”
The $1.5 billion sovereign wealth fund, called the Nigeria Sovereign Investment Authority, was started in 2011, with the ruling People’s Democratic Party saying the country needed to save money for future generations. The Excess Crude Account, which stands at $4.11 billion, is used by the government to cover shortfalls in its budget and give foreign investors comfort the state can guard against a fall in the value of the currency...............................................Full Article: Source
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