PRESIDENT Goodluck Jonathan has signed the much-delayed 2011 Appropriation (Amendment) Bill and the Nigerian Sovereign Investment Authority (NSIA) Bill into law with a pledge to make Nigeria’s oil assets a vehicle for wealth creation, economic diversification and development.
Performing the ceremony at the State House Abuja, on Friday, he said that the new NSIA would provide the country with a “strong, transparent and effective tool for the management of our nation’s petroleum wealth for the good of all Nigerians."
He announced that apart from its $1 billion seed capital, the NSIA would be funded every month by the excesses of budgetary revenue from oil coming into the Federation account.
According to Jonathan, revenues accruing to the authority would be invested by it through three special funds - the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilization Fund.
By Leon Usigbe, Abuja May 28th 2011
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