CBN Sanusi warns against repeating past mistakes

Nigeria's central bank governor, Joseph Sanusi, has warned against the growing clamour for a draw-down of the Excess Crude Reserve Account by state and local governments.

Addressing a news conference in Lagos on Feb 21, 2001, Sanusi cautioned against repeating the pitfalls of the 1970s, when the country's oil revenue receipts were spent soon after they were incorporated into the budget.

"Appropriate guidelines for judicious utilisation of the proceeds in the Excess Crude Reserve Account should