FG To Inject $250m Into Sovereign Wealth Fund …As NEC Seeks Review Of Forex Policy

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By; Sunday Ode, Abuja.
The Federal Government Thursday said it will inject fresh $250 million into the Sovereign Wealth Fund from the Excess Crude Account which currently stands at about $2.45 billion.
This initiative is coming just as the National Economic Council, NEC expressed concern over the current exchange rate policy and called on the Central Bank of Nigeria, CBN to consider its review.
Minister of Finance, Kemi Adeosun disclosed this move by the Federal Government while briefing State House correspondents on the outcome of the NEC meeting presided over by Acting President, Yemi Osinbajo at the Presidential Villa, Abuja.
According to her, the decision to inject more funds followed a presentation by the Managing Director/Chief Executive Officer, Mr. Uche Orii, of a report to Council on the Nigerian Sovereign Investment Authority, NSIA annual reports and accounts for the year ended 2015 and update on 2016 activities.
She said in its report to NEC, Council members were informed that Nigeria Sovereign Wealth Fund, NSWF has the highest ranking in Africa in terms of performance and capitalization.
She hinted that NSIA planned to increase domestic infrastructure investment in 2017 as there was  compelling opportunities in the environment.
Adeosun said: “NSIA will also focus on “Social Infrastructure” including investments in the form of affordable housing and healthcare through the development of specialist hospitals.
“Council while adopting the report of the NSIA decided to inject a fresh $250 million into the SWF sourced from the ECA”.
Also speaking at the new briefing, Nassarawa State Deputy Governor Silas Agara announced that a member each from the six geo-political zone has been nominated into the board of NSIA.
On the exchange rate, he said: “After a brief presentation on Forex Policy options by the CBN Governor, Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current Forex Policy, especially the gap between interbank and the parallel market rates.
“The CBN Governor sued for patience and understanding, assuring that the situation is being closely managed.”

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