Reports reaching our news desk indicates that 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.
It was gathered that, 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 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 leant that former President, Goodluck Jonathan in April 2015 approved 25% of the funds accruing into the stabilisation account be transferred to the NSIA 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.”
