Thursday, 19 November 2015

$400m NLNG Dividend: FG approves transfer of $250m to sovereign account; ...shares $150m among tiers of govt

National Economic Council
The National Economic Council has approved that 250 million dollars of the 400 million dollars dividend from the Nigerian Liquefied Natural Gas be invested in the Nigerian Sovereign Investment Authority (NSIA) to increase capital.

The balance of 150 million dollars will be shared among the states of the federation according to the prescribed formula at the federation account.

Briefing State House correspondents on the outcome of the council meeting presided over by the Vice President, Professor Yemi Osibanjo, the Governor of Osun State, Rauf Aregbesola, said that the decision was taken after reviewing the report of the 2014 status of the fund.

The NEC has also directed the Minister of Finance to constitute an executive nomination committee and work in consultation with NEC 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 equivalence to the federation account.

Also the CBN has been directed 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.

This is following a 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 NEC 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.

The council also agreed on the need to reconstitute the Niger Delta Power Holding Company governing board based on the six geopolitical zones.

Credit: Channels

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