The House of Representatives is reviewing a bill to amend the 1999 Constitution to create a special account for all borrowed funds, credits, and grants to the Federal Government.
Sponsored by Mansur Soro, representing Darazo/Ganjuwa Constituency in Bauchi State, the bill aims to enhance transparency and accountability in the utilisation of borrowed funds.
Soro stated that merging Internally Generated Revenue (IGR) with borrowed funds in a single account hampers effective tracking.
The proposed legislation seeks to separate the two and mandate periodic reports on loan utilisation, especially as the national debt exceeds ₦134tn.
Additionally, a related bill co-sponsored by Isiaka Ibrahim from Ogun State proposes strengthening the National Sovereign Investment Authority (NSIA) and abolishing the Excess Crude Account (ECA).
The bill suggests diverting excess revenue from hydrocarbon sales to the NSIA for investments benefitting the federation.
Soro also warned against excessive borrowing and urged the Federal Government to block revenue leakages and curb corruption to avoid financial crises.
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