FG investigates revenues earned in foreign currency remitted in naira

Vice President, Prof. Yemi Osinbajo, head of the National Economic Council

The National Economic Council (NEC), on Thursday mandated the Central Bank of Nigeria (CBN), and Ministry of Finance to investigate revenues earned in foreign currencies but remitted in naira by some ministries/agencies/departments.

This is the high point of decisions reached at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the council chambers of the State House, Abuja.

Gov. Rauf Aregbesola of Osun, who read the decisions of the council to the State House Press Corps, said the allegation involved Ministries, Departments and Agencies (MDAs) of government.

Aregbesola also said the council mandated CBN to embark on sensitisation and public enlightenment on the foreign exchange policy and relevant laws and regulations.

He said the directive was to guide traders and some people who encountered challenges regarding the movement of foreign currency across Nigerian borders.

“We understand that some traders particularly in the East encounter challenges at the airports when they intend to go about their normal businesses’’, he said.

He said NEC as the Governing Council on Nigeria Sovereign Investment Authority (NSIA), received the status update and presentation of 2014 Annual Report from the Managing Director of the NSIA.

He said the council resolved that $250million from the $400million NLNG dividend be invested in the NSIA while the balance of $150 million should be shared among the States using the federal allocation formula.

The governor further said the council directed the Minister of Finance to constitute an Executive Nomination Committee and work in consultation with NEC to find appropriate persons to take over as board members of the NSIA when the current board is dissolved.

He said the Director-General of PENCOM briefed the council on the contributory pension’s implementation efforts and status of the implementation by the states.

“The highlight of the briefing was on the sustainability of the pension arrangement, score card of the states on the implementation of the Contributory Pension Scheme (CPS), the challenges being faced by states, opportunities and steps toward full implementation by the states.


“The briefing also highlighted the need for the states to provide legal framework for the enactment of state pension laws, establishment of state pension agencies, consistent remittance of both the employer and employee contributions and also full compliance of all the provisions of the pension scheme.’’

He added that a workshop was held on the Treasury Single Account (TSA) for state governors where the IMF’s Senior Resident Representative and Mission Chief presented a paper on the TSA to the council.
He said presentations were made on the sub topics as implementation of TSA in states: lessons and experience; cash management and TSA reforms and overview of international practice; and budgeting reforms.

He said the need to reconstitute the governing board of the Niger Delta Power Holding Company (NDPHC), was discussed and the Vice President called for nomination of new board members based on the six geo-political zones.

On the Excess Crude Account (ECA), he said the Accountant-General of the Federation reported that the balance on the ECA stood at $2.26billion and that not much changed from the last report.
The News Agency of Nigeria (NAN) reports that Aregbesola was flanked by Gov. Ifeanyi of Ugwuanyi Enugu State, Minister of Budget and National Planning, Chief Udo Udoma and the Deputy governor of Nasarawa state.

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