Ezekwesili others advise fg on excess crude account #

You're referring to the recent controversy surrounding the Excess Crude Account (ECA) in Nigeria. Here's a summary of the situation:

Background: The Excess Crude Account is a savings account created by the Nigerian government to store excess crude oil revenue above the budgeted amount. The account was established in 2003 to ensure that the country has a financial buffer in case of economic downturns or unexpected expenses.

Recent controversy: In recent weeks, there have been calls for the Federal Government to disclose the current balance in the Excess Crude Account, which has been criticized for being opaque and lacking transparency. The controversy gained momentum after the Minister of State for Petroleum Resources, Timipre Sylva, announced that the account had a balance of $2.1 billion.

Reactions from stakeholders: Several stakeholders, including former Minister of Education, Oby Ezekwesili, have called for transparency and accountability in the management of the Excess Crude Account. Ezekwesili, who is also a former Vice President of the World Bank, has been vocal about the need for the government to disclose the account's balance and provide a breakdown of how the funds have been utilized.

Advice from Ezekwesili and others: Ezekwesili and other stakeholders have advised the Federal Government to take the following steps:

1. Transparency: The government should disclose the current balance in the Excess Crude Account and provide a breakdown of how the funds have been utilized.
2. Accountability: The government should ensure that the funds in the account are used for the intended purposes, such as infrastructure development, social welfare programs, and debt repayment.
3. Sustainability: The government should develop a sustainable plan for the management of the Excess Crude Account, including a clear strategy for utilizing the funds and ensuring that they are not mismanaged.
4. Independent oversight: The government should establish an independent oversight body to monitor the management of the Excess Crude Account and ensure that the funds are used in a transparent and accountable manner.

Government response: The Federal Government has responded to the controversy by announcing that it will disclose the balance in the Excess Crude Account and provide a breakdown of how the funds have been utilized. The government has also promised to establish an independent oversight body to monitor the management of the account.

In summary, the controversy surrounding the Excess Crude Account has highlighted the need for transparency and accountability in the management of Nigeria's finances. The government has responded to the calls for transparency and has promised to disclose the account's balance and establish an independent oversight body to monitor its management.