Nigeria’s stabilisation Fund down to $210m after FG withdrew $150m

Date:

The Nigeria Sovereign Investment Authority (NSIA) on Thursday said the balance in the nation’s Stabiliusation Fund will drop to $201 million once the $150 million requested by the Federal Government is released to it to support the economy .

Thank you for reading this post, don't forget to subscribe!

NSIA, in a statement said the government, through the Finance Minister, Mrs Zainab Ahmed, had powers to get a slice of the money on request. Ahmed had at a media briefing recently indicated government’s plan to withdraw $150 million to cushion the negative impact of oil price decline on the federation account. She noted that the free fall of crude oil at the international market had hammered government revenue and drastically reduced the monthly allocation to the three tiers of government.

The NSIA in the statement threw its weight behind the government’s decision, adding that the move was consistent with the founding objectives of the Fund.

Speaking on the withdrawal, the NSIA Managing Director, Uche Orji was quoted in the statement to have said that, beyond the withdrawal, the agency was exploring other avenues to support the country through various social investment initiatives. He said, “The withdrawal reduces the value of funds under management in the Stabilisation Fund to $201 million from $351 million as at December, 31 2019.

“The $351 million is comprised of core contributions of US$300 million; and US$51 million of returns earned.

“NSIA (Establishment etc.) Act 2011 is clear on our role. The NSIA is in part, to serve as a stabilisation mechanism for the country through the Stabilisation Fund.

“Beyond the withdrawal, we are also exploring other avenues to support the country through various social investment initiatives.” He said the NSIA remains committed to serving as an enabler to economic sustenance and growth for the country.

Specifically, he stated that Sections 47 and 48 of the Nigeria Sovereign Investment Authority’s Establishment Act 2011 supports the withdrawal from the Stabilisation Fund.

In terms of the process for the withdrawal of the Fund, the statement said Section 47 empowered the Minister of Finance to on behalf of government call for the withdrawal of the fund managed by the NSIA.

He said, “The funds drawn will be used to augment the government’s Federation Accounts and Allocation Committee disbursements by June 2020 for allocation to the various tiers of government.

 

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

Share post:

Subscribe

Popular

More like this
Related

“Two broke people dating should be a crime” – Cynthia Morgan

March 28, 2024. Azonuchechi Chukwu. Nigerian singer, Cynthia Morgan has explained...

Positive Outlook for Nigeria as Interest-Rate Increases Spark Investor Interest

Nigeria Leads Emerging-Market Rebound Amidst Policy ReformsAs the first...

“West Africa’s Cocoa Crisis: Chocolate Prices Soar Amidst Devastation”

Janet Gyamfi, a 52-year-old cocoa farmer from western Ghana,...

Nigeria’s New Mining Licensing Strategy: A Shift Towards Local Processing

Nigeria is shifting its mining licensing process to prioritize...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading