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Fed Govt, states to share $150m NLNG dividends

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

On government agencies generating revenues in
foreign currency but remitting naira into the
federation account, he said the Council mandated
the Ministry of Finance to investigate the matter
and report back.

He also said that the Central Bank of Nigeria (CBN)
was mandated to enlighten the public on the forex
policy and relevant laws and regulations to guide
traders and others who encounter challenges
regarding the movement of foreign currency
across the nation’s borders.

“We understood that some traders, particularly in
the East, encounter challenges at the airports when
they intend to go about their businesses,” he added
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.

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Posted By Bobricky On 10:24 Fri, 20 Nov 2015

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