The National Economic Council (NEC) last Thursday, November 21 approved an additional $250 million for the Nigeria Sovereign Investment Authority (NSIA), the country’s sovereign wealth fund.
The resolution was among other decisions taken at the 99th meeting of the council chaired by the vice president, Prof. Yemi Osinbajo in Abuja.
NEC is made up of the 36 state governors, the CBN governor, the minister of FCT and some other federal government representatives.
In his presentation, the managing director of NSIA, Mr. Uche Orji said the agency made a profit before tax of N42, 036, 469 while profit before tax was N46, 185, 074.
“The total comprehensive income by the year ending 31st December, 2018 made by the NSIA Group amount to N44, 337,108, while the amount made by the NSIA stood at N41, 827, 853.
“Irrespective of volatility in the market due to the US/China trade disputes and Brexit, the group made a total of N24 billion in total comprehensive income in the first six months of the year,” he said.
Earlier, he said NSIA would “deploy Capital into the three road projects under the Presidential Infrastructure Development Fund – to complete the Second Niger Bridge, Abuja – Kano highway and Lagos – Ibadan Express way as well as the Mambilla Power Project.
“That the NSIA intends to create a number of co-investment funds, in the area of Healthcare, Agriculture and Gas Projects.
“These projects worth N2.5 trillion, will be implemented under a business model, that includes the payment of reasonable service charges (e.g. tolling of roads, electricity tariffs etc) after the projects have been fully developed.”
Besides the additional $250 million, NEC also resolved that the governor of Kaduna State, Mr. Nasir el-Rufai should chair a NEC committee to consider how a portion of pension funds could also be leveraged into investment for the NSIA with possible involvement of PENCOM.
The minister of finance, Mrs. Zainab Ahmed, the CBN governor, Mr. Godwin Emefiele and Orji are members of the committee.
On the presentation by the minister of mines and steel development, Mr. Olamilekan Adegbite on the development of the solid minerals sector, the council resolved that there should be collaboration between the federal ministry of mines and steel development and the state governments on environmental issues and concerns in the states.
Regarding community relationship with the miners, it was agreed that there should be a full time engagement of the communities to avoid the mistakes made in the oil and gas sector.
NEC also resolved that the governor of Ekiti State and chairman, Nigerian Governors’ Forum (NGF), Mr. Kayode Fayemi should constitute an ad-hoc committee involving governors to engage with the federal ministry of mines and steel development to find ways of addressing all the issues involved towards a beneficial development of the solid mineral sector.
On updates involving the Excess Crude Account (ECA), Stabilization Account and the Natural Resources Development Fund Account, the accountant general of the federation, Mr. Ahmed Idris told council that “the ECA balance as at November 20, 2019 stood at 324,539,031.51; Stabilization Account balance as at November 20, 2019; N29, 480, 483, 393.33, and Natural Resources Development Fund Account balance as at November 20, 2019, N79, 751, 649,521.54.
