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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