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Nigeria: $5.3 Billion for Power Emergency - RMAFC Wants National Assembly Approval
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Daily Trust (Abuja)
4 July 2008
Posted to the web 4 July 2008
Idris Ahmed
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) yesterday asked President Umaru Yar'Adua and the 36 State Governors to seek approval of the National Assembly as well as the 36 State Houses of Assembly before withdrawing $5.3 billion from the Excess Crude Account to fund the Federal Government's emergency programme in the power sector. President Yar'adua has said that the much awaited state of emergency in the power sector will be declared this month.
A source among the RMAFC's Federal Commissioners that attended an emergency meeting yesterday to discuss the implication of the funds' withdrawal from the excess crude account said the outcome of the meeting would be communicated to the federal and state governments and the National Assembly.
"Federal Government requires the approval of the National Assembly while the States require the approval of their Houses of Assembly on the use of the excess crude for the power projects", the source said.
The source added, "It is true the commissioners met on the use of the excess crude for the power emergency. The meeting was very positive and the commissioners were
100 per cent in support of Mr. President's decision to fund the power project. We don't have problem with the intention of the president to redress the power problem, but we disagree with the form of withdrawal from Federation Account through the Excess Crude Account.
"It was agreed during the meeting that the Houses of Assembly have to legislate and approve the use of the states' share of the excess crude for the power project by the governors. The Federal Government also has to obtain the approval of the National Assembly before using its share of the excess crude for the project."
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RMAFC had earlier this year proposed a new crude oil benchmarking concept, which tied excess revenue above the oil benchmark to specific infrastructural projects like power, railways, coal and agriculture, among others. The new concept has been submitted to the National Assembly by the commission.
i want know federal government reaction on power sector.
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