The Senate Committee on Finance has demanded the identity of lawyer paid $4 million from the Excess Crude Account as a consultancy fee.
The Chairman of the committee, Adeola Olamilekan, made the demand on Tuesday at a session with the, Idris Ahmed, on the dwindling status of the Excess Crude Account.
A report released by the International Monetary Fund in April 2019 ranked Nigeria the second-worst in the world in the management of sovereign wealth funds. The AGF explained that the expenditure was with the backing of the National Economic Council chaired by Vice President Yemi Osinbajo. The AGF also said that another $1.9 billion was taken from the ECA as Paris Club refund to some states.
“The highest excess inflow of the sum of $17.344 billion was recorded in 2008 while the lowest excess inflow of the sum of $0.276 million was recorded in 2015. The account chief, however, said that N493 billion has been released for personnel cost, while N59.77 billion was released for consolidated pension and N46.6 billion for overhead cost while only N20.76 billion for capital supplementation.
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