| A former Director General of the National Centre for Economic Management and Administration (NCEMA), Prof. Mike Obadan, has accused government across the three tiers of misuse and poor management of the nation’s Excess Crude Account (ECA). According to the professor of Economics at the University of Benin, Benin City, “The imprudent use of the ECA funds even at a period of rising prices, has led to it been depleted to the very precarious level of less than $2.0 billion at the beginning of this month. Thus, it appears that the country has found it difficult to reach a political consensus to rein in fiscal expansion and re-accumulate its reserves.”
He therefore called for a reform of public expenditure and downward adjustment as indispensable, while the elimination of wasteful spending and corruption in procurement is vital to re-bouncing the economy...............................................Full Article: Source
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