The Federal Government of Nigeria has authorised the injection of $250million into the Nigerian Sovereign Investment Authority (NSIA).
This was disclosed by Nigeria’s Minister of Finance, Mrs. Kemi Adeosun at the end of the last National Economic Council (NEC) meeting presided over by the Acting President, Yemi Osinbajo, at the Presidential Villa in Abuja, yesterday.
Finance Minister explained that the approval of $250million to be injected into the Sovereign Wealth Funds was made after adopting the report and accounts of Nigerian Sovereign Investment Authority presented by Managing Director, Mr. Uche Orii.
The Nigeria Sovereign Investment Authority is the manager of Nigeria’s Sovereign Wealth Fund. It was established as independent agency by an Act of the National Assembly in May 2011. NSIA commenced operations in October 2012 with an initial allocation of US$1 billion in seed capital.
Statutorily, it is set up to receive, manage and invest in a diversified portfolio of medium and long term, revenue of the Federal government, State government, Federal Capital Territory, Local government and Area Councils.
Also the NEC directed Central Bank of Nigeria (CBN) to urgently review its foreign exchange policy, noting that the current exchange rate, which had invariably affected the prices of goods in the market to an all time high, was no longer sustainable.
At the moment, the local currency exchanges N516 to one Dollar.
Briefing State House correspondents at the end of NEC meeting presided over by, Deputy Governor of Nassarawa State, Mr. Silas Aghara, who was joined by his Rivers State counterpart, Dr. Ipalibo Harry Banigo, Minister of Finance, Mrs. Kemi Adeosun and that of Agriculture, Chief Audu Ogbeh, said CBN governor Mr. Godwin Emefiele, pleaded for time, patience and understanding of Nigerians to revive the economy.
He said: “After a brief presentation on forex policy options by CBN Governor, Council members expressed concern over the current situation of the exchange rate and called for an urgent review of the current forex policy, especially the gap between interbank and the parallel market rates.
“CBN governor sued for patience and understanding, assuring that the situation was being closely managed.”