The House of Representatives is considering a bill to amend the 1999 Constitution to create a dedicated account for all loans, borrowed funds, and grants allocated to the Federal Government.
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Sponsored by Mansur Soro, the representative for Darazo/Ganjuwa Federal Constituency,….Reps Seek Constitutional Change For Separate Account For FG’s Loans
The bill aims to improve transparency in the management of borrowed funds.
Soro explained that the current system, which merges borrowed funds and Internally Generated Revenue (IGR) in a single account, hinders effective monitoring and accountability. The bill seeks to establish a separate account for borrowed funds, ensuring that their use is more transparent, with periodic reports published on their usage. This proposed legislation is crucial as Nigeria’s national debt has surpassed ₦134 trillion, intensifying the need for strict financial oversight.
In a related proposal, Soro and co-sponsor Isiaka Ibrahim are pushing for a constitutional amendment to empower the National Sovereign Investment Authority (NSIA) to manage excess revenues from hydrocarbon sales, replacing the Excess Crude Account. This move would redirect these revenues into long-term investments for the federation, benefiting both the Federal Government and sub-national entities.
Soro also cautioned the government against excessive borrowing, urging that loans should only be taken when absolutely necessary and stressing the importance of blocking revenue leakages and addressing corruption.
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