Senate Asks Buhari To Abolish Excess Crude Account

The Senate has asked President Muhammadu Buhari, to abolish the Excess Crude Account (ECA).

The Upper Chamber insists that the Excess Crude Account is alien to the 1999 constitution and therefore it is an illegality.

A federal lawmaker, Senator Rose Oko, in a motion observes that the ECA was set up in 2004 to provide savings for the country and stabilize the economy during periods of shortfalls in oil revenue.

She however maintains that the ECA is being operated without legal backing, checks and balances thereby providing loopholes for financial recklessness.

The lawmakers however supported the motion for the scrapping of the ECA but rejected the resolution, calling for an investigation of how funds in the ECA have been spent from 2004 till date.

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