Speaking at stakeholders public hearing in Abuja, Chairman of the Committee, Senator John Owan Enoh stated that as an agency that was strategic to the economic growth of the nation, the 8th Assembly through the Committee has taken cognizance of areas in the Act that needs immediate legislative intervention.
He identified those areas to allowing the Sovereign Wealth Fund, an agency of the Authority to go into full blown investment.
“I want to state here that the 8th National Assembly was set to amend the Act that set up Nigeria Sovereign Wealth Investment Authority in 2011. Though this is the first amendment to be carried out in the last six years, we believe the proposal to amend is to widen the scope of operations of Sovereign Wealth Fund”, Enoh posited.
Enoh asked all stakeholders to relay their experiences so that the Senate will come up with a robust law that will assist them in meeting their obligations.
Member of the Committee, Senator Adekola Solomon Olamilekan (APC), Lagos West Senatorial District sought to know the amount that has been in the coffers in order to dispel conflicting figures.
in his response, the Managing Director of the agency, Mr. Uche Orji while describing the move by the Senate as a positive step, disclosed that the agency had invested the sum of $1.7billion in infrastructure while the sum of $40billion was left in the coffers in line with the provisions of the Act.
“You know the Act has limited our investment to the tune of N$1.7billion and we have $40billion in the coffers.”
“It is a positive move by the National Assembly to amend the Act so that we can be managing assets”, he added.
He said 54% of investment belonged to 36 states and 774 Local Governments Areas of the Federation including federal Capital Territory, while 46% was for the federal government.
He further maintained that Accounts of the Sovereign Fund was being audited at interval of three month after which reports were being circulated for purposes of transparency and accountability.
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