Stakeholders on public financial management, on Sunday, called for
constitutional amendment of section 162 of the 1999 Constitution to
establish a strong national savings and financial stabilization
This was contained in a communiqué issued at the end of a roundtable
meeting on “Savings and Stabilization Mechanism for Nigeria’’.
The roundtable meeting, which was held on Friday in Enugu, was
organised by the Shehu Musa Yar’Adua Foundation.
The communique noted that it was unanimously agreed that the
establishment of a savings and stabilization mechanism would require a
constitutional amendment with provisions that guarantee automatic
savings of surplus revenues from oil, gas and minerals with the
Nigeria Sovereign Investment Authority (NSIA).
“The Federal Government should follow due process in management of
the Excess Crude Account (ECA) in line with demands from Civil Society
Organisations (CSOs) and the Fiscal Responsibility Commission as well
as ensure that energy data and statistics are accessible to the
“The Federal Government should place a priority on investment over
consumption as well as increase transparency regarding revenue inflow
and outflow from the Federation Account.
“The Federal Government should ensure that the Niger Delta Master
Plan is revised and fully implemented; while ensuring that
disbursement of funds from stabilization accounts is absolutely
“The Federal Government should ensure that all tiers of government
meet their financial obligations to the Sovereign Wealth Fund account.
It should also collapse the ECA Account and 0.5 per cent Stabilization
account into the stabilization account of the Sovereign Wealth Fund,’’
the communiqué said.
It also noted that the Civil Society Organisations (CSOs) needed to
play their part of developing effective message to drive conversations
regarding transparency and accountability on savings and stabilization
It urged CSOs to adapt and share content regarding savings and
stabilization frameworks that have worked in other countries as well
as simplify data, statistics, indicators and analysis for Nigerians at
the grassroots level to engage in savings and stabilization funds
“There is a need to sustain conversations and messaging on savings
and stabilization mechanisms with key advocacy actors, oil and media
as well as create awareness on the importance and benefits of
effective stabilization mechanisms to society at all levels.
“There was need to include traditional and religious leaders in
advocacy initiatives in this direction; while creating awareness on
the need for proper implementation of the budget.
“Utilize mechanisms deployed by `Not-Too-Young-To-Run’ for effective
advocacy campaigns, even as CSOs collectively and consistently demand
transparency in all Public-Private sector initiatives,’’ it said.
The communiqué was signed by Mr Amara Nwankpa, Director, Public Policy
Initiative, Shehu Musa Yar’Adua Foundation and Dr Christopher Kalu,
Lecturer in Economics Department, Nnamdi Azikiwe University, Awka,
The roundtable meeting was attended by Experts on petroleum, energy
economics and public policy as well as CSOs and the media from the