In order to increase its capital, the National Economic Council has approved that 250 million dollars out of the 400 million dollars dividend from the Nigerian Liquefied Natural Gas (NLNG) should be invested in the Nigerian Sovereign Investment Authority (NSIA).
The balance of 150 million dollars will be shared among the states of the federation according to the prescribed formula at the federation account, Governor of Osun State, Rauf Aregbesola revealed after a meeting with the Vice President, Professor Yemi Osinbajo on Thursday.
Aregbesola, said the decision was taken after reviewing the report of the 2014 status of the fund.
The Economic Council also directed the Minister of Finance to constitute an executive nomination committee and work in consultation with the council to find appropriate persons to take over as board members of the NSIA when the current board is dissolved.
The Council was also told that the balance of Excess Crude Account (ECA) still stands at 2.257 billion USD indicating that there is not much change from the last report.
The council mandated the Ministry of Finance to also investigate the report that some government agencies collect revenue in foreign currency, but remit the Naira equivalent to the federation account.
The Council also directed CBN to embark on sensitization and public enlightenment on the Forex policy and relevant laws and regulations to guide traders and some people who encounter challenges regarding the movement of foreign currency across Nigerian borders.
The directive to CBN is in relation to report that traders in the eastern part of the country encounter challenges at the airport when they intend to go about their normal businesses.
The Council also deliberated on the need for the states to provide legal framework such as enactment of state pension laws for those who have not done so; establishment of state pension agencies, consistent remittance of both the employees and employers’ contributions and also full compliance with all the provisions of the pension scheme.
Agreement was also reached on the need to reconstitute the Niger Delta Power Holding Company governing board based on the six geopolitical zones, Aregbesola said.
