It also decided to set up an ad hoc committee to determine the legality of the excess crude oil account and also to investigate the status and management of all principal amounts deposited in the account.
After adopting a proposal by Aliyu Sani Madaki (NNPP, Kano), the legislators called on the Nigerian Electricity Regulatory Commission (NERC) not to approve any plan or request by electricity distribution companies to implement the plan.
corresponding evidence of withdrawals or approvals of such withdrawals.
He said the 2015 Annual Report of the Auditor-General for the Federation showed that an interest of USD1,829,025.45 was deposited in the Excess Crude Account as interest on investments but there were no details as regards the principal sums deposited, the tenor and the interest rate.
He said ECA has been riddled with controversy, allegations of corruption, and uncertain performance, adding that the absence of rules governing deposits, withdrawals and investments led to the Natural Resource Governance Institute ranking Nigeria as the second-most poorly governed fund among 34 resource-rich nations.
Adopting the motion, the House urged the CBN to disclose without further delay, all the interests and principal sums on the investments in the Excess Crude Oil/Petroleum Profits Tax/Royalty Account to the Auditor-General of the Federation’s Office.
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