NEC approves fresh $250m for sovereign fund As excess crude account hits $2.45bn

The National Economic Council (NEC) yesterday adopted the annual report of the Nigerian Sovereign Investment Authority and decided to inject a fresh $250 million into the Sovereign Wealth Fund.

The Minister of Finance, Kemi Adeosun, while briefing State House reporters after the meeting explained that the money was sourced from the Excess Crude Account (ECA).

She said NSIA Managing Director/ Chief Executive Officer Uche Orji presented a report to council on the NSIA annual reports and accounts for the year ended 2015 and update on 2016 activities.

Adeosun said the balance in Excess Crude Account stood at $2.45 billion as at February 15, 2017.

She also disclosed that a member each from the six geo-political zones was nominated into the board of the Nigeria Sovereign Investment Authority (NSIA).

Adeosun said NEC members unanimously adopted the nominations for onward consideration by President Muhammadu Buhari for his final approval.

She listed the nominees as Mrs. Halima Buba (Northeast) as non-executive director; Mr. Bello Maccido (Northwest), non-executive director; Ms. Lois Laraba Machunga-Disu (North-central), nonexecutive director; Mr. Babajide Zetilin (Southwest), non-executive director; Mr. Urum Kalu Eze (Southeast), non executive director, Mr. Abue Ighodalo (South-south).