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The National Economic Council (NEC) has approved the sharing of $150 million among the three tiers of government.
According to the council, the money is part of the $400 million dividends paid by the Nigerian Liquefied Natural Gas.
Vice President Yemi Osinbajo (SAN) chaired the meeting at the State House Council Chambers.
Briefing State House correspondents after the meeting, Osun State Governor, Rauf Aregbesola explained that the Council has also directed that the balance of $250 million from the NNLG dividend be invested in the Nigeria Sovereign Investment Authority.
Aregbesola said the decision to share the $150 million was taken sequel to a status report of the NSIA presented to the Council by the Managing Director of the Sovereign Wealth Fund Authority, Uche Orji.
Aregbesola said: “After due deliberations on the report, the Council agreed that $250 million from the $400 million LNG dividend be invested in the Nigerian Sovereign Investment Authority to increase its capital.”
The Council also directed the Minister of Finance, Kemi Adeosun, to constitute an executive nomination committee and work in consultation with NEC to appoint appropriate persons to take over as board members of the NSIA if the current board is dissolved.
Aregbesola explained that the Accountant-General of the Federation reported that the balance of the Excess Crude Account stood at $2.257 billion and that not much change from the last report.
Aregbesola said: “We understood that some traders particularly in the East encounter challenges at the airports when they intend to go about their businesses.”
Aregbesola said: “We understood that some traders particularly in the East encounter challenges at the airports when they intend to go about their businesses.”
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