The report also noted that there were adjustments in the recurrent expenditure of 29 agencies and capital expenditure of 27 others. According to the News Agency of Nigeria, the passage is sequel to the presentation of a committee report on the 2021 budget during plenary sitting yesterday. According to Egbemode, the state government had decided to allow cross-over gatherings, being sensitive to the mood of the season. The government relaxed its directive prohibiting religious gatherings during new year’s eve, as it shifted the curfew from 12 am to 1 pm. According to the report, Qatar is the only country worse than Nigeria on the index. She said, “But any organisation holding cross over service must note that they are expected to close the service early and everyone must be off the streets by 1am. He said these five sectors formed the major focus of the NSIA on the development of infrastructure for the country. institutions and higher corruption. Current Assets for Bhutan Economic Stabilization Fund is $1,460,000 and SWFI has 1 periods of historical assets available for CSV Export. He said the figure is more worrisome when considered from the standpoint that the 82 million poor Nigerians exceed the population of South Africa and Ghana put together. For instance, IMP stated that Mexico adopted high transparency standards to recover public trust in the management of the oil sector. It helps to understand how the balance on Nigeria’s rainy day fund (the Excess Crude Account -ECA) moved from about US$20 billion as at 2007 to less than US$400 million 3 years later. The IMF ranked thirty-three oil-rich countries altogether, and Nigeria was ranked 2nd worst on the list, just behind Qatar. The government further announced a ban on the organisation of street carnivals in its effort at curtailing the spread of COVID-19 which has claimed not less than 50 lives in the State. The experts said during a Webinar that while the country does not lack the required ideas to effectively reposition the economy, there seems to be a gap in the implemententation of these plans. INTRODUCTION On May 11, 2011, the Nigerian Senate approved the Nigerian Sovereign Investment Authority Bill, 2010, which seeks to established a Sovereign Wealth Fund (SWF) to manage excess profits from the country’s sale of crude oil. Sovereign Wealth Fund, Key To Diversification Of Nigeria’s Economy – Stakeholders. He assured that the authority’s investment strategy remains robust with a favorable trajectory across its three funding windows. IMF revealed that it is critical to develop a strong institutional framework to manage these resources—including good management of the financial assets kept in sovereign wealth funds—and to ensure that proceeds are appropriately spent. Religious bodies and citizens are therefore advised to comply because we do not want anyone to spend the first day of the year in police custody. Ogun State Assembly has finally approved the sum of N338.6 billion for its 2021 Appropriation Bill. He urged Federal Government to urgently consider funding the East-West road from the Sovereign Wealth Fund to guarantee its completion by 2022 as being taunted by the Minister of the Niger Delta. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. Under the infrastructure fund, he said the Authority is focusing on key projects in the power, agriculture, gas industrialisation, roads and healthcare sectors. Specifically, Countries should develop frameworks that limit discretion, given the high risk of abuse, and allow for heavy scrutiny. Orji explained that the fund would have made more impact if more capital injections were made in the early part of the establishment of the NSIA. The Excess Crude Account was established in … Nigeria has so far invested in the SWF $1 billion, then $500 million, and a further $650 million. The former minister, who was instrumental in setting up the Sovereign Wealth Fund in 2011 said that the high level of unemployment in the country is a sigh that there are fundamental macroeconomic challenges that needed to be addressed. As at the end of 2013, all capital had been deployed in allocation to three managers: UBS (US Treasury mandate), Goldman Sachs and credit suisse (Corporate Bond mandates). The Coordinator of the Oyo State Task Force on COVID-19, Prof. Temitope Alonge, gave the hint during a press briefing, on Tuesday, to update the public on the latest developments regarding the global pandemic in the State. Governor Makinde has asked religious organisations to conduct cross-over services on December 31, 2020, as he lifts the 12 am to 4 am curfew. Orji said the NSIA is interested in this area because it holds the key to the development of the country. On May 11, 2011 the Nigerian Senate approved the Nigeria Sovereign Investment Authority Bill, 2010, which sought to establish a sovereign wealth fund to The Nigeria Sovereign Investment Authority is a Nigerian establishment which manages the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria's excess oil reserves is deposited. Sovereign Wealth Fund in Nigeria: Issues and Challenges Benjamin J. Cohen argued over two decades ago that ‘high fina nce can no longer be kept separate from high politics (M onk, 2009; 451). — Government of Osun (@StateofOsun) December 29, 2020. Your email address will not be published. The International Monetary Fund (IMF) has ranked Nigeria as the world’s second worst country in the use of sovereign wealth funds.. Ms Stella Ojekwe-Onyejeli, the Executive Director and Chief Risk Officer at NSIA disclosed this at a virtual briefing (newsmen) on Friday in … He said, “We have invested in more than 32 private equity funds across the world and in Nigeria we have invested in about seven of them. The Stabilisation Fund thus has a short time horizon and invests in conservative fixed income mandates. Nigeria Sovereign wealth fund is a fund into which the surplus income produced from Nigeria’s excess oil reserves is deposited. Finance and Economic Experts on Thursday said that the effective implementation of the Sovereign Wealth Fund was key to diversification of the economy. Last year, Nigeria, the biggest oil producer in sub-Saharan Africa, replaced its Excess Crude Account (ECA) with three sovereign wealth funds, Future Generations Fund, Nigerian Infrastructure Fund and Stabilization Fund, under the management of the Nigerian Sovereign Investment Authority (NSIA). Nigeria, Africa’s top oil producer, started a sovereign wealth fund with an initial capital of $1 billion and hired KPMG to select its management team. In a Statement signed by the Commissioner for Information & Civic Orientation; Mrs Funke Egbemode, said its sensitivity to the mood of the season has necessitated a review of its earlier position. The experts said during a Webinar that while the country does not lack the required ideas to effectively reposition the economy, there seems to be a gap in the implemententation of these plans. On Tuesday, the State Government had called on the State Chapter of the Christian Association of Nigeria (CAN) to adhere strictly to the existing 12 AM to 4:00 AM curfew imposed by the Federal Government by concluding cross-over services in churches earlier, rather than the traditional midnight services held on every 31st of December. Learn how your comment data is processed. The Nigeria Sovereign Investment Authority (NSIA) recorded a Total Comprehensive Income (TCI) of N36.15 billion in 2019. He said, “The fact that you are a resource endowed country does not make you a rich country. A committee chaired by the Leader, House Committee on Finance and Appropriation, Mr. Olakunle Sobukanla, was earlier charged to study the 2021 budget proposal and present the reports before the House. The NSIA operations are professional and transparent. The 2021 budget estimates is N110.974 billion less than the 2020 proposal of N449.974 billion. 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