SAN FRANCISCO, November 19, (THEWILL) – The National Economic Council, Thursday, approved the sharing of $150 million (N33bn) between the three tiers of government and an investment of $250 million (N55bn) into the Nigerian Sovereign Investment Authority (NSIA), from the $400 million Nigeria Liquefied Natural Gas (NLNG) dividend.
The NEC also approved that the minister of finance commence shopping for a new set of board members to take over the running of the fund, when the current board is dissolved.
The $150 million to be shared to states is considered some form of bailout, as the governors had, after a late night meeting Wednesday, lamented that they could still not keep up with payment of salaries, especially the N18,000 minimum wage.
Briefing journalists after the council meeting, Osun State governor, Rauf Aregbesola, alongside Enugu State governor, Ifeanyi Uguanyi, deputy governor of Nasarawa State and the minister of national planning, Udo Udoma, said it was resolved that after investing in NSIA, the balance of $150 million be shared accordingly in the prescribed formulae at the Federation Account.
Uche Orji, managing director, Sovereign Wealth Fund Authority, presented the status report on the Nigerian Sovereign Investment Authority to the council.
According to him, “after due deliberations on the report, the council agreed that $250 million from the $400 million LNG dividend be invested in the Nigerian Sovereign Investment Authority to increase its capital. Council directed the minister of finance to constitute an executive nomination committee and work in consultation with NEC to appoint appropriate persons to take over as board members of the NSIA of the current board is dissolved.”
He said the Accountant-General of the Federation reported to Council that the balance of the ECA stood at $2.257 billion, no significant change from the last report.