Excellent briefing paper on the proposed NSWF for Nigeria from Revenue Watch here and here for the PDF report itself. 16 billion dollars has been disbursed from the Excess Crude Account in the past 18 months, to cover budget deficits, power sector projects and fuel subsidies, as well as in payments to State Governors that don't go through the State Budget process. If President Jonathan shows as much resolve in pushing through the sovereign wealth fund (which will require a change to the constitution to build in a savings requirement) so that the unaccounted benefits of discretionary off-budget ECA payments to State Governors are put to an end as he has done in beginning to change the way football is governed in Nigeria.... well that would be a fine thing!
AF Radio, Ghana
6 hours ago