Mr Elias Mbam, the Chairman, Revenue Mobilisation Allocation and Fiscal Commission, has backed the Senate Committee probing a foreign crude oil account allegedly managed by the NNPC and domiciled with JP Morgan Chase, a US Bank.

Mbam made the commission's position known in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.

He described the development as very significant to the commission's campaign for proper monitoring of incomes accruable from all revenue-generating agencies of the government.

"If you listened to our submission to the National Assembly, we observed that the management has shrouded in secrecy the JP Morgan account where all the monies from the foreign sale of crude oil is paid into.

"We feel that such account should be open to the commission; we should know who manages the account - is it Ministry of Finance, the CBN or the NNPC?

"And of course the law says all revenues accruable to the Federation Account should be paid to the Federation Account only. "

The commission's boss advised all revenue-generating agencies of government to remit all incomes generated directly to the Federation Account.

He faulted agencies who claimed that their Act empowered them to spend part of their resources and remit 80 per cent surplus to the Federation Account.