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

The case against removal of fuel subsidy & the sovereign wealth fund account

Posted on 28 November 2011

On issue of the Sovereign Wealth Fund (SWF), the Minister of Finance, the Vice-President, Economics/Prime V1inister declared on the television few days ago that “there is no Joing back on the account of SWF” because that is the capacity hat she now operates. She said it has already been opened with he 1 Billion U.S. Dollars from the Excess Crude Oil Account.
In he 1999 Constitution of the Federal Republic of Nigeria, there is 10 provision for Excess Crude\Oil Account. The 1999 Constitution )f the Federal Republic of Nigeria provides that “the Federation :hall maintain a special Account to be called “the Federation Account” into which shall be paid all revenues collected by the government of the Federation, Section 162 (1)………………………………………Full Article: Source


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