Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.

"We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal."

The $1.5 billion sovereign wealth fund, called the Nigeria Sovereign Investment Authority, was started in 2011, with the ruling People’s Democratic Party saying the country needed to save money for future generations. The Excess Crude Account, which stands at $4.11 billion, is used by the government to cover shortfalls in its budget and give foreign investors comfort the state can guard against a fall in the value of the currency.

Foreign investors closely monitor the excess crude account, which has helped attract high portfolio flows to Nigeria in the past two years, according to Esili Eigbe, Lagos-based head of West African research at Exotix, a frontier markets investment bank.
“Part of the reason you’re seeing a push for Nigeria is because of some of the shock absorbers,” such as the account that holds oil earnings above a budget benchmark, he said in a telephone interview. “You have to look at this in the context of the household. The household without savings is vulnerable to swings and shocks.”

The Let's Spend Now Attitude of APC and Some State Governors

Nigeria’s constitution requires that all government revenue should go to a central account and then be shared among the federal, state and local governments, according to Mohammed. Allocating money to the wealth fund and the oil account deprives state and local governments of resources needed for development, he said.
http://www.bloomberg.com/news/2014-09-30/nigeria-s-opposition-wants-to-scrap-sovereign-oil-funds.html

The nation is not even so badly hit today because we eventually listened to the Coordinating Minister of the Economy (CME), Dr Ngozi Okonjo-Iweala’s sustained call for savings at all levels. I recall having attended many meetings as then governor of Anambra, during which she reminded everyone that the price of oil could fall at any time and that we needed to boost national savings, presenting establishment of the Sovereign Wealth Fund (SWF) as another way of achieving targeted saving and long term investment. But the voice of the majority initially drowned her repeated pleas about saving for the rainy day. The louder chorus was “Let’s spend now! The rainy day is already here! In fact is already flooding!” Meanwhile, it was only drizzling at the time! Fortunately, the Nigerian Sovereign Investment Authority was set up after a long and has financed the Abuja-Kaduna rail, the Lagos-Ibadan Expressway and the Second Niger Bridge, among other projects.
http://www.thisdaylive.com/articles/nigeria-confronting-the-challenges/197438/

hahahaha, Valentine obienyem, nobody takes you seriously probably because you have failed to explain what your thief master Peter obi did with the monies he said he was saving for the Anambra state while grounding the state for 8 years, and now you are talking about savings again. aha. See how deserted your thread is. Just like Adaobi, no one takes you seriously here. maybe one or two people can chip in since I've visited here

FreeGlobe:
hahahaha, Valentine obienyem, nobody takes you seriously probably because you have failed to explain what your thief master Peter obi did with the monies he said he was saving for the Anambra state while grounding the state for 8 years, and now you are talking about savings again. aha. See how deserted your thread is. Just like Adaobi, no one takes you seriously here. maybe one or two people can chip in since I've visited here

Thank you for paying a visit. I wished I was Valentine Obienyem, but not anymore cos he is not richer. Anyways, I will not turn down any opportunity, even if it is 1minute with Peter Obi. He is my idol.

Now stick to the topic or are you a retarded APC goon?