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LequteMan
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According to a report by the Natural Resource Governance Institute (NRGI), Nigeria's Excess Crude Account is the worst globally when it comes to transparency.
The $2.4 billion account tied for the world's most poorly governed sovereign wealth fund was ranked alongside the Qatar Investment Authority.
Nigeria was ranked 55th in overall resource management, which balances its last-place position in sovereign wealth fund management. It scored higher than 70th placed Angola, which is second to Nigeria in African oil exports, while nearby Equatorial Guinea was fifth from the bottom of the table.
"The government discloses almost none of the rules or practices governing deposits, withdrawals or investments of the ECA," the report said. It added that the account, along with the other worst performers, is "so opaque that there is no way to know how much may be lost to mismanagement."
Money from the account - which is rainy day fund - is occasionally used by the government to cover budget shortfalls. In such cases, the money is shared between the federal, state and local governments.
Nigeria also runs the Nigeria Sovereign Investment Authority, with some $1.25 billion under management, but NRGI said it had ranked the ECA due to its larger balance sheet
NRGI rated 11 sovereign wealth funds, managing least $1.5 trillion in total, as "failing".
Nigeria's finance ministry did not immediately return a request for comment.
The $2.4 billion account tied for the world's most poorly governed sovereign wealth fund was ranked alongside the Qatar Investment Authority.
Nigeria was ranked 55th in overall resource management, which balances its last-place position in sovereign wealth fund management. It scored higher than 70th placed Angola, which is second to Nigeria in African oil exports, while nearby Equatorial Guinea was fifth from the bottom of the table.
"The government discloses almost none of the rules or practices governing deposits, withdrawals or investments of the ECA," the report said. It added that the account, along with the other worst performers, is "so opaque that there is no way to know how much may be lost to mismanagement."
Money from the account - which is rainy day fund - is occasionally used by the government to cover budget shortfalls. In such cases, the money is shared between the federal, state and local governments.
Nigeria also runs the Nigeria Sovereign Investment Authority, with some $1.25 billion under management, but NRGI said it had ranked the ECA due to its larger balance sheet
NRGI rated 11 sovereign wealth funds, managing least $1.5 trillion in total, as "failing".
Nigeria's finance ministry did not immediately return a request for comment.
