The Nigerian Sovereign Investment Authority, NSIA has recorded 343% growth in Total Comprehensive Income totalling N160.06 billion in 2020 compared to N36.15 billion in the previous year and 33% growth in Net Assets, rising up to N772.75 billion from the previous N579.54 billion.
This was one of the major highlights in the Nigerian Sovereign Investment Authority report presented to the National Economic Council, NEC on Thursday, chaired by Vice President Yemi Osinbajo.
A session of the Thursday meeting was devoted to holding the Annual General Meeting of the NSIA where reports and financial statements, including the audit were presented to the Council, which comprises of the 36 State Governors, the Federal Capital Territory Minister and the Governor of the Central Bank of Nigeria (CBN), besides other Federal Government officials.
Managing Director and Chief Executive Officer of the Nigerian Sovereign Investment Authority, Uche Orji, submitted that the NSIA achieved core income of N109 billion compared to N33.07 billion in 2019, excluding forex gains of N51 billion in 2020 and N1.29 billion in 2019.
Orji noted that despite the challenges of Covid-19, NSIA had a favourable year owing to strong performance from its investments in international capital markets, improved contribution from associates, as well as exchange rate gains from foreign currency positions.
In response to Covid-19, the NSIA partnered with Global Citizen, a not-for profit group, to form the Nigeria Solidarity Support Fund, NSSF which it acquired and distributed oxygen concentrators to 21 teaching hospitals as part of its corporate social responsibility; in addition to staffing support to the then Presidential Taskforce on Covid-19 towards combatting the pandemic.
NEC also received a presentation on the Digital Switch Over, DSO by the Minister of Information and Culture, Lai Mohammed who stated that the International Telecommunications Union, ITU, decided on member states switching off analogue television transmission to “go digital”.
The Minister told the Council that the switch-over has a revenue generation potential of N20 billion annually; and that the funds will enable the NBC support and upgrade DSO initiative, as well as fund local producers.
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The Council also received an update on Nigeria’s response to the Covid-19 pandemic from the Director-General of the Nigeria Centre for Disease Control, NCDC, Dr. Chikwe Ihekweazu.
NCDC Director-General said in the last two months there has been reduction in the number of cases globally, stating that even India has also experienced reduction in its infection rates in the last five days. He added that in Nigeria, the total number of cases as at May 19, 2021, was 165,809, while number of cases tested was 2,002,653, with 7,323 active cases. It was also disclosed that discharged cases were now 156,419, while there had been 2,067 deaths.
Earlier on, the Minister of State for Budget and National Planning, Clem Agba, gave the Council the monthly update on the under-listed accounts as follows:
1. EXCESS CRUDE ACCOUNT (ECA)
Balance as at 18th May 2021 stands at $72,413,574.70
2. STABILIZATION ACCOUNT
Balance as at 18th May, 2021 stands at N24,741,213,941.88
3. DEVELOPMENT OF NATURAL RESOURCES ACCOUNT
Balance as at 20th May, 2021 stands at N23,650,579,140.23
On the Budget Support Facility, State Governors restated their request to defer the repayment of the loans, which was to have started this month. Ekiti State Governor, Kayode Fayemi, who is also Chairman, Nigeria Governors’ Forum, reported interactions with the Finance Minister and the CBN Governor regarding the matter.
The CBN Governor, Godwin Emefiele, also emphasised the importance of the timely repayment of loans, especially those owed to commercial banks, indicating the challenges inherent in a further delay in payment, including audit concerns. He said the repayment of the commercial loans should resume this month.
In addition, the Vice President stated that he will be holding a meeting soon with representatives of the State Governors, the Finance Minister and the CBN Governor to resolve the issue raised at the meeting of the Council.
(Editor: Terverr Tyav)
