Economy
How Nigerian Governors Spent $50 Billion Excess Crude Savings – NESG
How Nigerian Governors Spent $50 Billion Excess Crude Savings – NESG
The Nigerian Economic Summit Group (NESG) has revealed the expenditure of $50 billion from the Excess Crude Account (ECA) by state governors in 2010, funds that could have mitigated current fuel subsidy challenges.
NESG CEO Dr. Tayo Aduloju explained that the ECA was initially a crucial fiscal buffer during economic downturns. However, in 2010, state governors challenged the legality of the ECA, leading to its disbursement.
Aduloju criticized the historical mismanagement of fiscal resources and the shift from a savings-based to a revenue-based subsidy model, exacerbating Nigeria’s fuel subsidy issues. This disclosure comes amid recent fuel price hikes and ongoing economic strains.
-
Latest News18 hours agoBREAKING: Tinubu Appoints New NIPC, NEPZA Board Chairpersons
-
Politics3 days agoSeyi Makinde Makes Big 2027 Move, Names Running Mate
-
Latest News5 days agoZulum Speaks On Gubio’s Running Mate Choice
-
Latest News6 days agoNew Appointment Announced For Former VP Osinbajo
-
Latest News2 weeks agoUzodimma, Fintiri, Abdurazaq, Other Governors Appear On APC NASS List
-
Latest News7 days agoTinubu Unveils Fresh Appointments For Gbajabiamila, AGF, Others
-
Politics1 week agoKey Details Emerge From Meeting Of 18 APC First-Term Governors
-
Latest News2 weeks agoAfter Billions Spent, Bridge Still Abandoned: Citizens Issue Open Letter to Tinubu, Works Minister, Osun Governor, National Assembly Over ÒRÉ Bridge
-
Latest News4 days agoBREAKING: 8 Kidnappers Arrested, Others Eliminated As Oyo Pupils, Teachers Rescued
-
Politics1 week ago2027: APC Set To Upload Tinubu, Running Mate This Week
-
Politics4 days agoBREAKING: APC Unveils Tinubu’s 2027 Running Mate
-
Latest News6 days agoFemale Journalist Reportedly Taken Into DSS Custody