He said, “We have invested in more than 32 private equity funds across the world and in Nigeria we have invested in about seven of them. It helps to understand how the balance on Nigeria’s rainy day fund (the Excess Crude Account -ECA) moved from about US$20 billion as at 2007 to less than US$400 million 3 years later. The former minister also suggested that the government should eliminate all leakages as well as put an end to the issue of abandoned and incomplete projects. Excess Crude Account: A Nigerian government account used to save oil revenues above a base amount derived from a defined benchmark price. Orji in his presentation at the Webinar said that the NSIA has three major funds being managed on behalf of the federation. He also said the NSIA is working towards addressing the challenges in the technology sector in the country through its venture capital project. Specifically, Countries should develop frameworks that limit discretion, given the high risk of abuse, and allow for heavy scrutiny. “The governor has also warned citizens and residents of Oyo State to ensure strict compliance with the guidelines, protocols and advisories as laid down by the OYO State COVID-19 Task Force aimed at limiting the transmission of the disease in our communities. This paper will give an historical background of the economic evolution of Nigeria, particularly in relation to its overdependence on oil revenue. COVID-19: Buhari Approves Withdrawal Of $150m From Sovereign Wealth Fund / IMF Ranks Nigeria Second Worst In The World In Use Of Sovereign Wealth Fund / Sovereign Wealth Fund: More Lies From Presidency At Ramadan – Reno Omokri (1) “Also, the leadership of religious bodies must ensure strict adherence to safety protocols, which include accommodating only 50 percent capacity of their normal attendance, ensuring social distancing, use of nose mask or face fields by participants.”, Covid-19: Osun gives fresh directives on Crossover Service. “Secondly, he has directed that enforcement of these guidelines and protocols in accordance with the law will be applied as appropriate, enjoining individuals and organizations to comply and by so doing ensure that we all spread the joy of this season and not the virus.”, Yuletide: Oyo to permit crossover nights under strict COVID-19 protocols- Makinde…says Task Force officials to enforce protocols, guidelines, …worship, event centres to utilise 50 per cent capacity, …violators of guidelines, advisories'll face penalties pic.twitter.com/IQq0Y8nK25, — Oyo State Govt (@oyostategovt) December 30, 2020. While there’s always a conversation on the topic going on, most people have no real understanding of what each of them actually means, and so, make little to no informative input. The Oyo State Government has permitted religious organisations to conduct their cross-over services on December 31, 2020, as it lifted the 12 am to 4 am curfew earlier imposed on states by the Federal Government. The state government had earlier directed that there should be no cross-over services under any guise, as part of its measures at curbing the spread of coronavirus. Connect with him via his twitter handle. As at the end of 2013, all capital had been deployed in allocation to three managers: UBS (US Treasury mandate), Goldman Sachs and credit suisse (Corporate Bond mandates). The 2021 budget estimates is N110.974 billion less than the 2020 proposal of N449.974 billion. The Stabilisation Fund thus has a short time horizon and invests in conservative fixed income mandates. He said the three mandates of the NSIA are the reasons for the setting up of the three funding windows.of future generation, infrastructure and fiscal Stabilization fund. Sequel to the committee report on the 2021 Appropriation Bill, the total recurrent expenditure was increased from N141.7 billion to N146.5 billion, while capital expenditure was reduced from N176.6 billion to N171.8 billion. The government further announced a ban on the organisation of street carnivals in its effort at curtailing the spread of COVID-19 which has claimed not less than 50 lives in the State. © 2020 The Whistler Nigeria - All Rights Reserved. Revenue projections were upwardly reviewed from N119.1 billion to N121.8 billion. The International Monetary Fund (IMF) has ranked Nigeria as the world’s second worst country in the use of sovereign wealth funds.. “We are hoping to become very active in this area and one of the ways we want to achieve it is through venture capital,” he added. Ms Stella Ojekwe-Onyejeli, the Executive Director and Chief Risk Officer at NSIA disclosed this at a virtual briefing (newsmen) on Friday in … Nigeria’s Sovereign Wealth Fund was an upgrade on the ECA. This is revealed in the Fiscal Monitor Report released today by the International Monetary Fund.According to the report, Qatar is the only country worse than Nigeria … The Ogun State House of Assembly has approved the state’s 2021 Appropriation Bill worth N338.6 billion, after making adjustments to the recurrent and capital expenditure. For Nigeria, that SWF reference focuses on the Excess Crude Oil account, which requires greater transparency on the rules governing deposits, withdrawals, and investment.” As … The NSIA SWF is a savings account, set up by law, with an independent Board of Directors and a clear mandate. Nation without having an industrial and advanced services sector, IMP stated that Mexico adopted high standards! 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