Political economy and management expert, Prof. Pat Utomi, has criticised the current National Assembly, describing it as all costs and no benefit to Nigerians.
In a series of posts on X (formerly Twitter) on Monday, Utomi noted that if Nigeria had an “effective” NASS, he would have proposed laws to curb the mismanagement of the Hormuz windfall.
“If we had a NASS I would suggest laws that would checkmate the squandering of Hormuz windfall. But the Akpabio Assembly does not exist. In cost benefit terms, the 10th Assembly is all costs and no benefit to the Nigerian people,” he said.
He, however, recalled a suggestion he made 26 years ago, urging Nigeria to limit what goes to the Federal Account Allocation Committee (FAAC) to the previous year’s budget benchmark.
Utomi further argued that earnings above that level, up to $10 per barrel, should be channelled into a stabilisation fund.
He added that any earnings beyond that threshold should be saved in a future fund, which he described as a sovereign wealth fund.
