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 be

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.