CASH-STRAPPED states are to get some funds, with the National
Economic Council (NEC) approving the sharing of $150 million from the $400
million Nigeria Liquefied Natural Gas (NLNG) dividend by the Federal Government
and the states.
The Council also approved that the balance of $250 million
be invested in the Nigerian Sovereign Investment Authority to increase its
capital.
Osun State Governor Rauf Aregbesola briefed State House
correspondents at the end of the meeting.
With him were, Enugu State Governor Ifianyi Ugwuanyi,
Minister of Budget and National Planning Udoma Udo-Udoma and Nassarawa State
Deputy Governor Silas Agara.
Aregbesola said: “The Managing Director of the Sovereign
Wealth Fund Authority presented the status report on the Nigerian Sovereign
Investment Authority (NSIA) to the council. After due deliberations on the
report, the council agreed that $250m from the $400m NLNG dividend be invested
in the Nigerian Sovereign Investment Authority to increase its capital.
“Council resolved that the balance of $150 million of the
said $400 million NLNG fund be shared accordingly in the prescribed formulae at
the Federation Account.
“Council directed the Minister of Finance to constitute an
executive nomination committee and work in consultation with NEC to appoint
appropriate persons to take over as board members of the NSIA if the current
board is dissolved.”
On the balance in the Excess Crude Account (ECA), Aregbesola
said: “At the end of the NEC meeting today, the Accountant-General of the
Federation reported that the balance of the ECA stood at $2.257 billion and
that is not much change from the last report.”
The governor also said that the International Monetary Fund
(IMF) Senior Resident Representative made presentation at a workshop for
governors during the Council meeting on Treasury Single Account (TSA).
He said: “Presentations were made on the listed sub topics:
Implementation of TSA in states”: lessons and experience; cash management and
TSA reform: an overview of international practice; and budgeting reforms.
Credit: thenationonlineng.com
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