Reps Rejects Excess Crude Oil Account, Says It Is Illegal

Excess Crude Oil Account

House of Representatives has called for the scrapping of the excess crude oil account by the federal account allocation committee.

The house finance committee made the recommendation while presenting the committee report on the medium-term expenditure framework and fiscal strategy paper during the Wednesday plenary in the house.

The committee chairman, James Faleke who presented the report says the excess crude account is illegal because it has no backing of the Nigerian constitution.

The speaker of the house, Femi Gbajabiamila, agreed with the committee, saying the house will no longer recognize the special account until it is backed by a bill of the national assembly.

 

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