By Salisu Sani-Idris

The National Economic Council (NEC), on Thursday ratified the Board of Directors of the Nigeria Sovereign Wealth Investment Authority (NSIA).

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, made this known while briefing newsmen at the end of NEC chaired by the Vice-President Kashim Shettima, at the Presidential Villa, Abuja.

The News Agency of Nigeria (NAN) reports that the NSIA is an independent investment institution, set up to manage Nigeria’s Sovereign Wealth Fund in excess of budgeted hydrocarbon revenues.

It also plays a leading role in driving sustained economic development for the benefit of all Nigerians by building a savings base for the Nigerian people.

Bagudu stated that the council received presentation on the financial statement of affairs of the NSIA and gave its approval

The minister, said the council commended the board and management of the NSIA for their efforts.

Bagudu also said that NEC received presentation from the Chairman, Revenue Mobilisation Allocation and Physical Commission on alternative funding revenue for the commission.

“The council noted the mandate of the institution and its critical role in ensuring equatable distribution of resources.

” It however disclosed that there is challenge of inadequate funding which severely constraints its capacity to effectively discharge its constitutional duty.

” The implications of the underfunding were discussed and the council resolved and appreciated the challenge being faced by the commission.

“The council directed the secretariat to study the submission as regards to the quantum presented by the commission as well as the legality of request,” he said.

NAN recalled that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in August inaugurated the new Board of Directors for the NSIA tasked with the critical mandate of steering the nation’s economic growth and stability

The minister had charged the board members to leverage their expertise and wealth of experience to bear in driving the NSIA’s mission of creating a sustainable future for generations to come.

The appointed Board of Directors for the NSIA comprises distinguished professionals from various sectors, carefully selected through deliberations and recommendations made by the Executive Nominations Committee.

The final approval was given by President Bola Ahmed Tinubu, following endorsement by the Vice President who serves as the Chairman of the National Economic Council (NEC).

The new Board Members include: Mr. Segun Ogunsanya – Chairman, Mr. Aminu Umar-Sadiq – Managing Director/Chief Executive Officer, Prof. Fabian Ajogwu and Mr. Abdullahi Gaya.

Others are Mr. Ahmed Goniri, Ms. Ada Osakwe, Dr. Suleyman Ndanusa, Ms. Ijeoma Taylaur and Mr. Kola Owodunni. (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi