The House of Representatives, on Wednesday, resolved to beam searchlight on the activities of Nigerian Sovereign Investment Authority (NSIA) from inception to date.
The resolution was passed sequel to the adoption of a motion sponsored by Hon. Yusuf Ahmed Doro, who underscored the need to assess the funds accrual into the agency’s coffers.
In his lead debate, Hon. Doro observed that the agency was empowered to receive, manage and invest the initial and future contribution on behalf of Nigeria in each of the future Generation Fund, the Nigeria Infrastructure Fund and Stabilization Fund pursuant to the allocation of contributions of the Federal Government, State Governments, Federal Capital Territory, and Local Government Area councils to prepare for the eventual depletion of Nigerians Hydrocarbon Resources for developing critical infrastructure in Nigeria.
“The House also notes that in compliance with the provision of the NSIA Act 2011signed in May, 2011 the Fund was allocated an initial US$1 billion (Naira equivalent) in seed capital and other subsequent allocations to the funds by the Federation.
“The House is aware that the NSIA Funds is composed of three distinct funds, (the Stabilization, future Generation and Nigeria Infrastructure funds respectively), each with specific investment and development objectives.
“The House is also aware that some of the managed funds by the Authority includes the Presidential Infrastructure Development Fund (PIDF) where US$1 billion was injected for the construction of Second Niger Bridge, Abuja-Kaduna-Kano Highway and Lagos Ibadan Expressway.”
To that end, the House resolved to set up an ad-hoc Committee to probe the activities of the Nigeria Sovereign Wealth Authority (NSIA) from inception to date, and other managed funds to assess its compliance with the Establishment Act of 2011.