Senators yesterday kicked against the sharing of excess crude money by states and the Federal Government, warning that the practice could affect national savings for the future generations of Nigerians.
The lawmakers made the observation during the second reading of the Nigeria Sovereign Investment Authority Bill. Governors, according to them, are endangering the country’s future through constant depletion of the account.
They maintained that the establishment of the Nigeria Sovereign Investment Authority to consolidate the saving base for future generations would ensure fiscal prudence on the part of the government.
Senate Leader, Teslim Folarin, who led the debate said the bill seeks to create medium and long term investment portfolios for the benefit of future generations of Nigerians.
“This bill is very critical to the continued and sustained existence of corporate Nigeria. It will ensure that present and future generations of Nigeria will still have a country to call their own.”
“It will ensure both macroeconomic and micro economic viability of the country. It will reduce the overbearing dependence of Nigeria on one basic product as source of revenue.”
“It will stabilise the value of the Nigerian currency in relation to other foreign currencies, finance critical infrastructure and create jobs for our teeming population.”
Senators, who made contributions to the debate, observed that governors hide under the constitution to deplete the excess crude account.
Senator Ayim Udeh urged the Senate to quickly pass the bill to protect the excess crude account for future generations.
Udeh said: “I believe that this bill will take care of the excess crude money. The rush to share the money from excess crude oil will deplete the country’s savings.”
Senator Nicholas Ugbane also said the timely passage of the bill would provide soft landing for future generations and rescue the accounts from the grip of governors.
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Senators protest sharing of excess crude account