$250 million USD has been approved by the National Economic Council, NEC, to be invested in the Nigerian Sovereign Investment Authority out of the $400 million USD dividend accrued form Natoinal Liquefied Natural Gas.
The 36 states of the federation are to share the balance of $150 million USD according to the prescribed formula.
Governor Rauf Aregbesola of Osun State, who addressed the State House correspondents after the council meeting which was presided over by Vice-President Yemi Osinbajo, said the decision was the outcome of careful consideration of the report of the 2014 status of the fund.
National Executive Council has ordered the finance minister to create an executive nomination committee and work with it to find appropriate persons to take over as board members of the NSIA when the current board is dissolved. The council also prompt the Ministry of Finance to investigate the report of all agencies who make revenue in dollars but remit them in local currency naira to the federation account.
Issues of bottleneck Forex policy has created for operators, especially in the eastern part of the country were also raise and the council directed Central Bank of Nigeria, CBN, to embark on public enlightenment and sensitization, putting up relevant laws and regulations to guide traders and some people who encounter challenges regarding the movement of foreign currency across Nigerian borders.
Other two issues raised by NEC borders on the provision of legal framework in state pension laws, establish state pension agencies which is will consistently make remittances of both the employees and employers’s contributions. Finally the council deliberated and agreed on the importance to renew the Niger Delta Power Holding Company board in the six geopolitical zones.