The National Economic Council, NEC, yesterday, approved the injection of a fresh $250 million into the Sovereign Wealth Fund sourced from the Excess Crude Account (ECA).
It also inaugurated a 9- member board of the Nigeria Sovereign Investment Authority, NSIA. Speaking at the inauguration of the board in Abuja, Acting President Yemi Osinbajo said the mandate of the board was to increase investment in local infrastructure, agriculture, power, toll roads, second Niger Bridge and health care.
The board which would be chaired by Mr. Babajide Zetilin (South West) was given a four-year mandate.
Other members include Halima Buba (North-East), Bello Maccido (North–West), Lois Laraba Machunga-Disu (North Central), Urum Kalu Eze (South East) and Asue Ighodalo (South-South), Uche Orji, Stella Ojekwe-Onyejeli and Hanspeter Achermann. Speaking at the event, Osinbajo said: “The National Economic Council, your governing council, and all Nigerians will hold you accountable to this mandate. Periodically, you will be required to provide evidence of your stewardship to the governing council where your performance will be assessed.
“Indeed, despite the fiscally constrained environment, this administration has been able to increase the federal government’s commitment to the NSIA by 50 percent by committing an additional $500 million.
“Indeed the NSIA has demonstrated that not only do we have the capacity as Nigerians to deliver on some of the most complex issues but that we have the men and women to do so.”