IMAGINE THIS (2) OKONJO IWEALA AND THE $5 WAHALA

 Okonjo Iweala and the $5 Wahala By Polscope with Eddy Odivwri

I have followed all the hoopla over whether the budget should be based on the oil benchmark of $75 or $80 per barrel. While the Finance minister argues that $75 per barrel is the appropriate benchmark, the House of Representatives believes that it should be $80 per barrel. The difference between both positions is $5. And that is what is threatening to tear down the budget. But I see it as purely a case of storm in a tea cup.
While the executive believes the figure ($75) will further boost savings by swelling  the Excess Crude Account (ECA), the lawmakers believe it is needless saving up treasure when the country’s infrastructure are virtually collapsed, and that it does not make sense seeking foreign loans to build infrastructure, while saving the nation’s wealth.
The lawmakers think the difference could be used to settle local debts. So while the one wants some money saved, the other wants it spent. But whether the benchmark is pegged at $75 or $80, the money remains ours. All I see is mutual suspicion and distrust worsened by ego on both sides. Monies saved in ECA have severally been drawn down before, on governors’ demand. So what is the big deal on this $5 differential? The senate, in taking a near middle ground, opted for $78 per barrel. But even if it is $80 per barrel, the executive will still be the one managing the funds, not lawmakers. And what even if oil in the international market falls below $70 per barrel?  I believe the House is just behaving like high school delinquents in insisting on a trivial issue and threatening to tear down the process.