Reps move to legalise Excess Crude Account

The House of Representatives Tuesday moved to legalize the Excess Crude Account in a bid to restructure the distributable revenue to the three arms of government.

A bill for an Act to amend the Allocation of revenue ( Federation Account etc) Act Cap, A15 Laws of the federation of Nigeria, 2004 to establish the Excess Revenue Fund Account, and for other related Matters,” passed through second reading Tuesday on the floor.

It was referred to the joint committees of Finance and Justice after the Speaker, Hon. Yakubu Dogara called for a vote and it passed.

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