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.
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