The Senate has declared the operation of the excess crude oil account by the Presidency, as illegal and unconstitutional.
The Upper Chamber asked the Presidency to pay all oil revenue above the oil price benchmark into the federation account, for sharing by the three tiers of government.
The Senate passing the resolution, after a debate on a motion raised by Rose Okoro and co-sponsored by 18 other senators, asked the Presidency to comply with section eight, sub section one to four and section 162, sub section one to three of the 1999 constitution.
“The ECA increased from 5.16 billion dollars in 2015 to over 20 billion dollars in 2008 and decreased to less than four billion dollars by 2010 with no known tracking of its operations.
“Also, at various times and from several quarters in 2013, it was reported that five billion dollars was missing from the ECA and that two billion dollars was withdrawn without authorisation.
“By May 2017, government announced a resumption of payment into the ECA of 87 million dollars ostensibly since May, 2015, arbitrarily.
“Furthermore, between May, 2015 and August, 2017, about 122.2 million dollars had accrued and ought to have been paid to the ECA,’’ she said.
Most of the senators during the debate opposed the retention of the special account.
The excess crude account was established by the Obasanjo administration in 2014 to provide savings for the country and stabilize the economy.