OFFICE OF THE VICE PRESIDENT

PRESS RELEASE

NATIONAL ECONOMIC COUNCIL APPROVES ADDITIONAL $250M INVESTMENT FOR NIGERIA SOVEREIGN INVESTMENT AUTHORITY

Having received a presentation of the Nigeria Sovereign Investment Authority (NSIA) business update, and outlook, the National Economic Council on Thursday resolved to invest an additional $250 million into the NSIA, the country's sovereign wealth fund.

The resolution was among other decisions taken at the 99th meeting of the council chaired by Vice President Yemi Osinbajo, SAN, in Abuja.

NEC is composed of the 36 State Governors, CBN Governor, the FCT Minister and other Federal Government representatives.

In his presentation to NEC, the NSIA Managing Director, Mr Uche Orji said the agency made a profit before tax of N42,036,469 while NSIA and its subsidiaries made a profit before tax of N46,185,074.

According to him, “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 6 months of the year.”

The NSIA had earlier told council that it intends to “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 should chair a NEC Committee to consider how a portion of Pension Funds can also be leveraged into investment for the NSIA with possible involvement of PENCOM.

“The Committee will include the Finance Minister, CBN Governor and the NSIA MD.”

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.

Council also resolved that the Governor of Ekiti State and Chairman, Nigeria Governor’s Forum (NGF) 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 told Council that “the Excess Crude Account (ECA) balance as at 20th November, 2019 stood at 324,539,031.51, while the Stabilization Account balance as at 20th November, 2019 was N29, 480, 483, 393.33, and Natural Resources Development Fund Account balance as at 20th November, 2019 stood at N 79, 751, 649,521.54.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
21st November, 2019

Nigerian economy is sinking day by day.. and the selfish border closure has worsened the situation.. the only country in the world the president rules from another country, watch Trump impeachment coverage, u will be marveled and realize how deep we've fallen.. in a saner clime the clueless president ought to have been impeached long time ago but hell no with a rubber stamp lawmakers

Yet the common man won't see the impact.

After the money has been disburse, I bet... you will never hear about it again.. The worst is that, the reason for disbursement will not be achieved... as it will be shared among the cabals of each state..


While the masses suffer..

People dying out of starvation..

My country has become a dumping site for dead bodies...
I still believe a time will come when the burdens shall be taken away from the shoulders.. Nigeria will be great again

Please I need a US number to verify my account

olassybaba:
Please I need a US number to verify my account

Tell your client bro..

She'll send you the code

Good initiative from this government.

Mykelhendriz:
After the money has been disburse, I bet... you will never hear about it again.. The worst is that, the reason for disbursement will not be achieved... as it will be shared among the cabals of each state..


While the masses suffer..

People dying out of starvation..

My country has become a dumping site for dead bodies...
I still believe a time will come when the burdens shall be taken away from the shoulders.. Nigeria will be great again

You wake up early this morning with all these bitterness.
Make God help your life.
Your misery and negativity is top notch!
No good news make you frustrated souls happy.

Mykelhendriz:


Tell your client bro..

She'll send you the code

Bro no be g stuff be dis and I no get client

The buhari government is releasing money this time and the masses has not see the impact.

Abi all this money naa for media?

Shadow money... If you know you know

They approved it for their pockets.. Op modify the heading to "Nec Approved $250million for their Pockets"

Them go kill people tire for what APC call hate speech o When you correct or criticise their bad government,it becomes hate speech..

The common man will see it when Lagos to Ibadan becomes #3,00.00 and cover the journey in less than 45minute, they will also benefit it when housing pressure reduces in Lagos and you can access more than 6 States in less than an hour, when companies fill up the whole express, when farmers can transport there farm produce easily and a lot more.

ourkobo:
Yet the common man won't see the impact.

Relax, it's not profit sharing you will surely see them when they materialize.

ebuzchief:
The buhari government is releasing money this time and the masses has not see the impact.

Abi all this money naa for media?

VirginSearcher:
Nigerian economy is sinking day by day.. and the selfish border closure has worsened the situation.. the only country in the world the president rules from another country, watch Trump impeachment coverage, u will be marveled and realize how deep we've fallen.. in a saner clime the clueless president ought to have been impeached long time ago but hell no with a rubber stamp lawmakers

Which kind nonsense comment be this?
The useless trump has done things much worse than border closure but you chose to ignore ,Hypocrite.

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Nice one from our economic team, gradually we are getting there.

Thank you Buhari and Osinbajo for this great move

This is another good development and all common men will enjoying it as well.thanks to Buhari/Osinbajo administration

Sometimes, It is a little difficult to feel the impacts of these government actions as they are not directly targeted at the masses but then the same people who are complaining without having a full understanding of economic policies are the same ones that still find it hard to fathom the not so complex TraderMoni. we need to learn to keep an open mind

Many do not know the meaning of INVESTMENT, so they expect to see the yield immediately the next day.

modelmike7:

You wake up early this morning with all these bitterness.
Make God help your life.
Your misery and negativity is top notch!
No good news make you frustrated souls happy.

Lol
You might call it bitterness if you want to.. But am talking from my own point of view...

Insulting me didn't change shit