By Inalegwu Shaibu

ABUJA – Senators Wednesday,  said Nigeria’s saving base for future generations has been destroyed through the constant sharing of the excess crude account by the Federal and state governments.

The Senators expressed their oppositions during the second reading of the Nigeria Sovereign Investment Authority Bill saying that state governors are endangering Nigeria’s future through constant depletion of the excess crude account.

They opined that the establishment of the Nigeria Sovereign Investment Authority with the mandate to build a saving base for future generation will ensure fiscal prudence on the parts of the government.

Leading the debate on the bill , Senate Leader, Teslim Folarin said the bill seeks to create  a medium and long term investment portfolios for the benefit of future generations of Nigerians.

He said, “This bill is very critical to the continued and sustained existence of corporate Nigeria. It will ensure that present and future generations of Nigeria will still have a country to call their own.

“It will ensure both macro economic and micro economic viability of the country. It will reduce the overbearing dependence of Nigeria on one basic product as source of revenue.

“It will stabilise the value of the Nigerian currency in relation to other foreign currencies, finance critical infrastructure and create jobs for our teeming population.”

The Senators while contributing to the debate said state governors hide under the Constitution to deplete the excess crude account.

Senator Ayim Udeh, PDP, Ebonyi urged the Senate to quickly pass the Sovereign Investment bill to safeguard future generations safeguard the excess crude account.

He said, “I believe that this bill will take care of the excess crude oil money. The rush to share the money from excess crude oil will reduce.”