The Federal Government, has earned N1.22 billion, by investing 25 percent of the funds accruing to the stabilization account, with the Nigeria Sovereign Investment Authority, NSIA.
The total sum invested by the Federal Government from inception, May 2015, to December 2016, was N8,941,119,659.28, according to a document received by Daily Trust.
In 2016 alone, the funds generated N1,145,047,13, in addition to N83,711,368.69 earned in the prior period.
The former Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, requested for the investment of the fund in NSIA, in a letter REF: CME/HMF/FMF/NSIA/2015/3, addressed to the then President, Goodluck Jonathan, asking for permission to invest one-third of the stabilisation fund.
The letter, dated April 2, 2015, stated: “The NSIA has proven itself a capable manager of our resources, as is shown by their recent results during which they announced a net comprehensive income of N15.8 billion, for the year ended 2014. This income does not include the returns earned on the assets managed by NSIA, on behalf of NBET and DMO.
The total sum invested by the Federal Government from inception, May 2015, to December 2016, was N8,941,119,659.28, according to a document received by Daily Trust.
In 2016 alone, the funds generated N1,145,047,13, in addition to N83,711,368.69 earned in the prior period.
The former Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, requested for the investment of the fund in NSIA, in a letter REF: CME/HMF/FMF/NSIA/2015/3, addressed to the then President, Goodluck Jonathan, asking for permission to invest one-third of the stabilisation fund.
The letter, dated April 2, 2015, stated: “The NSIA has proven itself a capable manager of our resources, as is shown by their recent results during which they announced a net comprehensive income of N15.8 billion, for the year ended 2014. This income does not include the returns earned on the assets managed by NSIA, on behalf of NBET and DMO.
“In order to signal ongoing commitment to the NSIA, I recommend that one-third (33%) of the funds accruing into the Stabilisation Account Fund of the NSIA, to be managed on behalf of the Federal Government of Nigeria.”
It was learnt that former President, Goodluck Jonathan, in April 2015, approved 25% of the funds accruing into the stabilisation account to be transferred to the NSIAm, to manage in the same principles as the fund of the NSIA.
The Managing Director of the NSIA, Uche Orji, confirmed this in a reply to an enquiry, where he said: “The Office of the Accountant General of the Federation on the 9th of April, 2015, conveyed Mr. President’s approval, stating that 25% of the funds accruing into the stabilisation account be transferred to the authority.”
It was learnt that former President, Goodluck Jonathan, in April 2015, approved 25% of the funds accruing into the stabilisation account to be transferred to the NSIAm, to manage in the same principles as the fund of the NSIA.
The Managing Director of the NSIA, Uche Orji, confirmed this in a reply to an enquiry, where he said: “The Office of the Accountant General of the Federation on the 9th of April, 2015, conveyed Mr. President’s approval, stating that 25% of the funds accruing into the stabilisation account be transferred to the authority.”
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