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- The Buhari-led administration has proposed to inject $1 billion into the Nigerian Sovereign Wealth Fund (SWF). The three-pronged Sovereign Wealth Fund will finance the Stabilisation Fund, Future Generation Fund and the Nigerian Infrastructure Fund.
- Buhari plans to add $4.5 billion to the SWF by 2018, dismissing concerns that the fund may not receive additional investment as a result of falling oil prices, which is the bedrock for its funding.
- According to the Nigerian Sovereign Investment Authority (NSIA), through its Managing Director, Uche Orji, SWF still has about $1.5 billion assets under management since its establishment in 2011 by the Goodluck Jonathan government.
- The new proposal seeks to inject at least $1 billion each year over the next 3 years in the Medium Term Plan (2016-2020). This was contained in a draft which also highlights plans to raise the Excess Crude Account (ECA) to $4.5 billion by 2018 and grow foreign reserve to $7.65 billion.
- The proposed Mid-term policy document has six main pillars including economy, social development, infrastructure, governance, environment and regional development, which will be the focus for the government’s fiscal expenditure.
- The Buhari government will seek non-oil alternative funding to cushion the effect of the falling oil prices that have seen Nigeria’s revenue fall short.
Peter Obi rejects $123.77 million debt claim, challenges Anambra government
