THE Senate has asked President Muhammadu Buhari, to abolish the Excess Crude Account, ECA.
The upper chamber insists that the ECA is alien to the 1999 constitution and, therefore, illegal.
Rose Oko, a federal lawmaker, 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, maintained that the ECA was 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 had been spent from 2004 until date.
– Nov 7, 2017 @ 15:45 GMT |