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The Nigeria Extractive Industries Transparency Initiative (NEITI) has advised Nigeria to apply restraint in spending oil revenues, in view of the experience from economic recession and instability in the oil market.
The agency said the time had come for the country to embrace a robust saving culture, irrespective of whether oil prices are low or high, noting the importance of healthy savings as one of the tools for tackling resource curse.
It recommended that the federating units, especially the federal and state governments seek the speedy resolution of pending cases at the Supreme Court on the constitutionality of remittances to the Excess Crude Account, and the Nigeria Sovereign Investment Authority.
It also said there is urgent need for the government to amend Section 162 of the 1999 Constitution, drawing on the political consensus that led to the creation of the Excess Crude Account (ECA) and the Nigeria Sovereign Investment Authority (NSIA).
Photo Caption: The Nigeria Extractive Industries Transparency Initiative (NEITI) Logo
