NEC approves nominees for NSIA Board

The National Economic Council (NEC) presided over by Acting President Yemi Osinbajo, on Thursday approved the nominees into the board of the Nigeria Sovereign Investment Authority (NSIA).

The Finance Minister, Mrs Kemi Adeosun, announced  this in at a media parley after the meeting.

“The National Economic Council also approved the following nominees as board members of the Nigeria Sovereign Investment Authority (NSIA)

“And they are: for the North East, Mrs Halima Buba; North West, Mr Bello Machido; North Central, Mrs Lois Laraba Disu; South West, Mr Babajide Zaitlin; South East, Mr Uren Kalueze Eke and South South, Mr Asuen Ighodalo.

The Council members according to her “unanimously adopted the nominations for onward consideration by the President for his final approval”.

“Furthermore the NSIA presented its reports to council and its annual report and accounts for the years ended 2015 and 2016.’’

The minister said that the report on the various investments made by the Authority highlighted an improved financial performance of the fund during the year under review and the plan to invest strongly in infrastructure.

She said the investments targeted social infrastructure, housing and health care.

She said that NEC adopted the report and agreed that it would inject another $250 million to be sourced from the Excess Crude Account.

Adeosun said that the balance of the Excess Crude Account as at Feb. 15 stood at $2.45 billion, adding that the eight accounting firms appointed by NEC to verify the budget support facility given to states had started their verifications.

She also clarified the Euro bond loan being sought by the federal government, saying that the bond would be used in the implementation of the Federal Government’s budget.

Adeosun said the loan was not for sharing to the federation but dedicated to the federal government the same way that states borrow to implement their own budgets.