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Tag: Acting President Yemi Osinbajo

  • FG to pay N2 billion Ecological fund each to 19 states, FCT

    FG to pay N2 billion Ecological fund each to 19 states, FCT

    …NEC to review Land Use Act

     

    The National Economic Council (NEC) next month may approve payment of N2 billion each from the Ecological Funds to 19 states and the Federal Capital Territory (FCT).

    Briefing State House correspondents at the end of the NEC meeting chaired by Acting President Yemi Osinbajo, Kaduna State Governor, Nasir el-Rufai, said that the disbursement is part of recommendations of his committee’s interim report submitted to NEC on Thursday.

    Stressing that the recommendation was to ensure fairness to states that were not given anything when former President Goodluck Jonathan shared N2 billion each to People’s Democratic Party (PDP) controlled states from the Ecological Funds.

    According to him, his 11-man committee, which comprised of governors, Minister of Finance and some permanent secretaries, will submit the final report during NEC meeting in June, where NEC will decide on the recommendation.

    The committee, he said, was asked to look at the operations and management of the one per cent which the Federal Government shares.

    He said “The committee established beyond all doubts that in 2013, the administration of President Goodluck Jonathan gave N2 billion to certain states of the federation but excluded other states.

    “The states that got it were all PDP states and states of other parties that were sympathetic to the PDP like Labour Party in Ondo and APGA in Anambra State. 19 states and the FCT did not get the N2 billion from the Ecological Fund.

    “These states are Adamawa, Akwa Ibom, Borno, Edo, Ekiti, Imo, Jigawa, Kano, Kwara and Lagos.

    “Others are Nassarawa, Niger, Ogun, Osun, Oyo, Rivers, Sokoto, Yobe, Zamfara and the Federal Capital Territory

    “So essentially what President Goodluck Jonathan did was to take N2 billion each from the Ecological fund and give to some PDP states. Any PDP state that was not his friend like Kano and Kwara didn’t get. And all the other opposition party, like no ACN state got anything, no ANPP state got anything.

    “This, the committee of the council consider discriminatory and recommended that the 19 states and the FCT that did not get the N2 billion in 2013 be given N2 billion each to level the playing field.

    “Thereafter very clear criteria for accessing the fund will be recommended to the council for the consideration of the federal government,” he said.

    According to him, there is a Presidential directive that the Ecological Fund office must maintain a balance of N20 billion out of the present N33.6 billion in the Ecological Fund.

    This, he said, is to cater for any emergency or any natural disaster requiring intervention.

    From the total money in the fund, he said that the balance of about N13 billion will be available for distribution to the states that were discriminated against.

    “As I said, 19 states and the FCT making it 20, so it isn’t enough to give them N2 billion each.” he added

    He went on “So what we did was to give an interim report on how the entire ecological fund has been utilized from May 2010 till date. And we realize that a lot of the deployment of the funds was based on discretion of the President and there is need to establish very clear criteria for the use of the 65 per cent of the federal government share among the states of the federation.

    “But the committee recommended to make partial payment to these states that were discriminated against by President Jonathan. Council defied decision on that until we submit out final report which will be submitted to NEC in the meeting of June.

    “The council appreciated the enormous work the committee did and particularly appreciated the permanent secretary of the Ecological Fund office for providing detailed information about the operations of the Fund.” he stated

    He pointed out that the N2 billion each given to the states by the former President was purely on discretionary basis and not on any identified Ecological problem or any project request.

    According to him, it was given to favoured states not based on criteria or any request based on emergency.

    “It was just a handout to favoured states and other states that were not so favoured were discriminated against.

    “So our committee recommended that to level the playing field every state be treated equally, the federal government should give those states that did not get.

    “My state got because my state was governed by the PDP and was very friendly with Jonathan. In my state the amount was used to do some Ecological projects but in some states the money simply vanished. But in my state, it didn’t vanish. The projects were done, we are looking into those projects because the prices did not look right, the quality in one or two cases is not the best but some projects were done.

    “So we are saying in fairness the other states that did not get this N2 billion on discretionary basis should be done. This is why President Buhari is here to right the wrongs of the past,” he said.

    Bauchi Governor, Mohammed Abubakar said that the Council received the report of an Ad-Hoc committee set up by NEC to study the report of the Presidential Technical Committee of the Land Use Act regulations.

    He said “The presidential committee submitted its report on 26th of September last year. As a result of that the Nigeria Governors Forum set up its own committee comprising Surveyor General of the states of the federation of Nigeria to study that report of the presidential technical committee and come up with recommendations.

    “So when NEC received the report of the committee, an adhoc committee of six was set up with myself as chairman to study both the report of the technical committee and report of the Forum of Surveyor general of the federation and then compare the two reports and make recommendations to council.

    “The reason for setting up the technical committee at the onset was because of the encumbrances being faced in the interpretations given in the Land use Act over time from the time of promulgation in 1978 to date.

    “So the adhoc committee studied the two reports and made recommendations to council.

    “The main basis of the recommendation was the observance of true federalism. You know despite the various interpretations and comments made about the Land Use Act as a unitary law, actually the Land Use Act for the first time is one Act of the federal government that has made a categorical statement with respect to federalism by conferring control over land in the governors of the states and not a unitary system where the federal government will now control land. So this was what the adhoc committee had in mind when it was making its recommendations along with the presidential committee.

    “So at the end of the day all the recommendations that tended to temper with the powers of the governors over control of lands in the state were expunged from the report of the presidential technical committee.

    “Council finally received the report of the adhoc committee favourablly, in fact Council gave another assignment to that ad committee with a view to looking at areas of conflict in the Land Use Act and the minerals Act. There are situations whereby companies will come to Abuja to the Mining Casdastal and obtain license to prospect for minerals in the state. And the go and immediately commence prospecting without minding the fact that it been granted to some other people by governors who have control over land with certificates of occupancy. So this led to a lot of conflicts. So council has extended the life of this adhoc committee to look into this with a view to making recommendations.

    Imo State Governor, Rochas Okorocha said that the Council also reviewed many money issues as it affects the nation.

    He said “We were made to understand from the office of the Accountant General that the excess crude account as at May 24th stands at $2.3 billion. Council also reviewed the discrepancies in figures and we have said that the Accountant General will go to look at it and at the next meeting he will brief the council appropriately.

    “As regards the loan support what is called the budget support facility for states which is suppose to come to an end by the end of this month, council was concerned about the fact that we are gradually coming out of recession and if this budgetary support ceases at the end of May, it might create some lapses in our bid to stabilize the economy. So council resolved that the budgetary support be extended to enable states catch up with the economy challenges of the moment.

    “The good news is that we have been reliably informed that crude production at Forcados terminal will soon commence and this will in any small way help the  economy and the stabilization of the economy and for us to get out of recession as quickly as possible.

    “But the highlight of the whole discussion today’s was a special commendation that the Council made on the Acting President of the Federal Republic of Nigeria, who we have all resolved to call a systems stabilizer given the fact that Mr. President is on medical vacation, the system is still as smooth as it has always been. So, we commended the Acting President for a job well done.”

    He maintained that the Paris Club refund was not a free money, but money owed state governments.

     

  • Hardwork not only prayers, fasting will build better Nigeria – Osinbajo

    Hardwork not only prayers, fasting will build better Nigeria – Osinbajo

    Acting President Yemi Osinbajo on Wednesday said hard work and not praying and fasting alone can develop Nigeria’s economy.

    He said men and women with patriotic zeal built the great economies, adding that they were not spirits.

    Prof. Osinbajo spoke during an interactive session with senior civil servants on how the Executive Orders he signed on the ease of doing business would operate.

    He urged them to ensure that all hands were put on the deck to revive the economy.

    Osinbajo urged Nigerians to launch vigorously into agriculture, especially rice production, to boost food security.

    His words: “Great economies and great nations, prosperity and abundance of nations and communities are created by men and not spirits. No matter how much you pray or fast, our country cannot grow without some of us deciding to do the hard work that makes nations work.

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    “I am a pastor, a spiritual person, and I understand the law of sowing and reaping. It is a spiritual law that has tremendous physical implications. Every time that we delay or frustrate what we can do today leaving it until tomorrow, we hold back the future. We too must reap what we have sown by experiencing delays. If you help others to achieve, if you help your nation; you have sown good seeds, you will find help and you will prosper too.

    “So, don’t see this as a government policy. Understand it as a personal policy.”

    He said the executive order would address an issue, which President Muhamadu Buhari has described as a cornerstone of the country’s economic policy – The Buy and Use Nigeria Policy.

    “The President said at the launch of the Economic Recovery and Growth Plan that we must grow what we eat and make what we use.

    “Just to give an example, we eat a lot of rice and we import most of it. Yet we can grow enough rice to serve Africa. So, we started a self-sufficiency in rice,” he said.

    Warning civil servants against stifling businesses by delaying registration, he said civil servants were strategic to making the executive work.

    RELATED POST: Nigerian economy maintains recovery path – Presidency

    The Acting President said: “Every generation of people owes the next generation a debt. That debt is paid by ensuring that we provide for the means for the next generation to survive. Or at least we have a duty to ensure that we do not destroy the means of survival and prosperity of the next generation. But there are some people in every generation, who have a special burden, a more important role than others in preparing for present prosperity and future abundance.

    “This group of people is called public servants. I have served in the public service most of my adult life. As a university teacher, an adviser to Federal Minister and Attorney General, I earned a salary. So, I understand how salary increases can be such good news. But most importantly, I learnt of the power of the public service to change the social, economic and political story of a nation.

    “The powerhouse of the economy, the fastest and most efficient job creators are private businesses – both small and large investments, local and foreign. Everyone who starts a business, invests in an existing business or expands a going concern, creates opportunities for jobs, jobs mean money in people’s pockets. It means that a whole family can survive, live well and pay taxes, so that government can continue to provide services, build schools, hospitals, roads and other infrastructure.

    “But small or large businesses cannot be created or can be frustrated out of existence if the environment for doing business in a country is harsh or difficult. It is the public service that provides the services that determine whether the business environment will be friendly and welcoming for business or whether it will drive away business and destroy opportunities for job creation.

    “When I say public service, I mean the executive, judiciary and the legislature.”

    Osinbajo said: “So, when a potential business owner wants to register a company, collect tax clearance certificate or obtain National Agency for Food and Drug Administration and Control (NAFDAC) registration or Standards Organisation of Nigeria (SON) certification, expatriate quotas, any other papers, approvals or certification from government and we do not willingly and efficiently help him or her, we are killing the jobs and prosperity that he would have created.

    “Every time we say come back next week to someone for something we can do today, we postpone prosperity of one person, but in reality, we postpone the prosperity of so many who would have earned something from the business. So, every time that a public officer is an obstacle to business in any way, he attacks the prosperity of our economy and he attacks our future because it means our children cannot find jobs.”

    Minister of Industry, Trade and Investment Okechukwu Enalemah said promoting transparency and efficiency in business environment was key to realising the objectives of the orders.

    He urged the civil servants to imbibe the culture of discipline and transparency.

  • Osinbajo felicitates with Edwin Clarke at 90

    Osinbajo felicitates with Edwin Clarke at 90

    Acting President Yemi Osinbajo, has felicitated with former Federal Commissioner of Information and elder statesman Chief Edwin Clark on his 90th birthday, billed for May 25th, 2017. 

    Osinbajo, in a statement by the Senior Special Assistant on media and publicity, Laolu Akande, joined family members, friends, colleagues and the entire Ijaw nation in commemorating the milestone in the life of the nationalist.

    According to him, Clark’s life reflects the collective and continuous efforts towards building a great nation.

    He also commended Clark’s unwavering patriotism and relentless pursuit of the unity of the country, particularly his maturity in speaking for the good of all Nigerians, promoting the South-South quest for a new developmental vision and supporting the cause of the poor and vulnerable.

    The Acting President extoled the personal sacrifices and diplomatic shuttles of the great Nigerian leader, who worked relentlessly for the birth and sustenance of ECOWAS.

    He assured the nonagenarian that his labour of love for the South-South and the progress of the country will be remembered by many generations to come.

    He prayed that the almighty God will grant the elder statesman longer life, good health and that as his days are so shall his wisdom, strength and favour be.

  • Updated: FG sets up National Minimum Wage Committee 

    Updated: FG sets up National Minimum Wage Committee 

    The Federal Executive Council on Wednesday approved a National Minimum Wage Committee to deliberate on an agreeable minimum wage for the country.

    Briefing State House correspondents at the end of the meeting presided by Acting President Yemi Osinbajo, the Minister of Labour, Chris Ngige, said that the committee will be made up of 29 members.

    According to him, the members will come from the organized Labour, Federal Government and State Government.

    He said “Council deliberated on the report of the joint committee of government on one side and the labour federation of NLC and TUC. If you recall on May 11, 2016, there was a deregulation of oil and gas sector in Nigeria and this resulted in increased we had in the PMS otherwise called petrol and as a result of that, the labour federation kicked against the increase and said that if even the increase will be there, govt should put in place, mechanism to make sure that we do not have further increases.

    “In that wise, they said PPPRA board regulatory board should be put in place. Two: they also asked for a review of the minimum wage available to workers in the country in other to enable them have better purchasing power.

    “Prior to the increase, they have made a demand of the N56,000 monthly as the lowest paid wage to any Nigerian worker which we call Minimum wage. Thirdly, they said they would need some palliatives to cushion the effect of increase in pump price of petrol, transportation allowances and things like that.

    “So, government put in place that committee. That committee finished its work on April 21 and handed the report to the SGF.

    “Today at Council, I presented the report with the various recommendations therein and I am happy to let you know that government has approved the setting up of a national minimum wage committee comprising of 29 persons with a chairman ans a secretary.

    “Composition of this committee is that, the federal government will contribute 5 persons from the public sector, the state governors who are major stakeholder will contribute 6 governors, one from each geopolitical zone. Then the labour federations will present 8 persons and the organized employers association represented by Manufacturing Association of Nigeria, Chamber of Commerce and Small and Medium Enterprises will jointly produce 8 persons. Government will appoint the Chair and the Secretary.” he said

    The Minister of Budget and National Planning, Udoma Udo Udoma, said that the executive is still analysing and reviewing the 2017 Budget before it can be assented to.

    On the recently released statistics by the National Bureau of Statistics,  he said “One of the things we discussed in Council was the GDP report for the first quarter which was released yesterday by the NBS. We found the first quarter encouraging even though during the first quarter, we are still in a recession.

    “But we found it very encouraging as the best result for the past three or four quarters. And it is a sign that we are moving out of recession.

    Interior Minister, Abdulraman Dambazzau said that the Council looked at prison congestion in the country and how to reduce the congestion.

    He said “In today’s council, we looked at the situation in Nigerian prisons including the conditions of inmates and state of the prisons themselves. This came out as a result of council’s directive a few weeks back.

    “We looked at the criminal justice administration and some of the things we briefed the council are that most of the prisons are old. As a matter of fact, quite a number of them were built about 100 years ago. They are dilapidated and lacked the platform for rehabilitation.

    “The major problem is terms of congestion are the issue of awaiting trials of inmates. Today, about 70 persons of waiting trials constitute the prisons inmates, 30 percent of them are convicted.

    “So, this is the situation. It gives a lot of stretch to the prisons system in terms of rehabilitation, feeding and providing other essential amenities. It also makes the general administration extremely difficult. So, we made some suggestions as how these problems can be tackled.

    “About 200 of those inmates awaiting trials have been in prison for over 11 years. Quite a number of them have been in prison for about 5 to 10 years.

    “So, we are looking at ways that through either prerogative of mercy, state pardon or those who are condemned after staying for more than 10 years whether such conviction to death can be committed to life imprisonment and those who have been there as lifers that have served 10 years and above can have some relief. So, these are some of the issues we looked at.” he said

    Minister of State for Environment, Usman Jubril, said that the council looked at the issue of aforrestation and sustainable forest management in the country.

    “It subsequently approved the take-off of National Forest Trust Fund. You are probably aware that in the last 5 months, we suspended the issue of sighting permit that would allow export semi-proceed woods out of the country,” he stated.

  • Breaking: Osinbajo receives 2017 Budget

    Breaking: Osinbajo receives 2017 Budget

    Acting President Yemi Osinbajo on Friday received the 2017 Appropriation bill.

    The budget was passed by the National Assembly last week.

    The document was submitted to Osinbajo by the Senior Special Assistant to the President on National Assembly matters (Senate),  Ita Enang,.

    According to him, it would be assented to by the Acting President after the laid down procedure.

    Details Later…

  • Osinbajo will sign 2017 budget when satisfied with approval – Akande

    Osinbajo will sign 2017 budget when satisfied with approval – Akande

    The Presidency on Wednesday night maintained that Acting President Yemi Osinbajo will assent to the 2017 Budget when transmitted to the Executive arm of government.

    There were confusion in some quarters on Wednesday whether the document when received by the Presidency would be kept till President Muhammadu Buhari returns from his medical trip to the United Kingdom or assented to by the Acting President.

    The Senior Special Assistant on media and publicity, Laolu Akande, however said that the Acting President will assent to the budget when he is fully satisfied with its content.

    Akande on his Twitter handle said “Just so we are clear: when the time comes, everything is set, & he is satisfied, Ag. President Yemi Osinbajo will assent to the 2017 Budget.”

     

  • Osinbajo presides over FEC meeting

    Osinbajo presides over FEC meeting

    The Acting President Yemi Osinbajo on Wednesday presided over the Federal Executive Council (FEC) meeting.

    The meeting holding at the Council Chamber in the Presidential Villa, Abuja, started around 10a.m.

    A sizeable number of cabinet members were in attendance when the meeting started.

    Osinbajo had also presided over FEC last week as President Muhammadu Buhari left Nigeria for the United Kingdom on May 7th.

    The meeting was still in progress at the time of filing this report.

    Details Later…

     

  • Osinbajo, CDS, NSA, others meet in Aso Rock

    Osinbajo, CDS, NSA, others meet in Aso Rock

    Acting President Yemi Osinbajo on Monday met behind closed doors with some top security Chiefs at the Presidential Villa, Abuja.

    Among those at the meeting included the Chief of Defense Staff (CDS), Gabriel Olonishaki and the National Security Adviser (NSA), Babagana Monguno.

    Others included the Minister of Defense, Mansur Dan-Ali and the Minister of Transportation, Rotimi Amaechi.

    The meeting, which started around 3.05 p.m., was still in progress at the time of filing this report.

    Details later…

  • Osinbajo charges Nigerians to serve God, humanity

    Acting President Yemi Osinbajo has  urged Nigerians have not to relent in their service to God and humanity.
    Prof Osinbajo said this in Ilorin the Kwara state  capital  on friday at the funeral and thanksgiving service of the first Permanent Secretary, Federal Ministry of Agriculture, Dr Barnabas Sanyaolu Oloruntoba at Second ECWA Church, Amilegbe
    He said there is  close relationship between service to God and humanity, saying that anyone who serves God will be indirectly serving humanity.
    He described the deceased as a man who served God and humanity during his lifetime.
    The Acting President added  that the late Oloruntoba made significant contributions to national development, particularly in the agricultural sector.
    In his remarks, the Kwara State Governor Abdulfatah Ahmed described the late Oloruntoba as a man who lived a life worthy of emulation.
    Governor Ahmed said the deceased would continue to live on because of his sterling virtues and contribution to humanity.
    In his sermon, the Reverend John Owoeye advised the congregation to live impactful life by preparing for death, saying that mortals would taste death.
    Reverend Owoeye also enjoined the congregation to imbibe virtues of uprightness to earn God’s favour in the day of judgement.
    Prof Osinbajo was accompanied by the Minister of Finance, Mrs. Kemi Adeosun and the Executive Director, Nigeria Export Promotion Council, Mr. Segun Awolowo.
    Other dignitaries at funeral service include Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, President, Dangote Group, Alhaji Aliko Dangote, wife of former  Vice President, Hajia Titi Abubakar and Minister of Finance, Benin Republic.
    Late Oloruntoba, the first Permanent Secretary, Federal Ministry of Agriculture and father in-law of President, African Development Bank and former Minister of Agriculture, Mr. Akinwumi Adesina died March 17th this year, at the age of 88.
  • Osinbajo inaugurates NSIA board

    Osinbajo inaugurates NSIA board

    Acting President Yemi Osinbajo on Friday inaugurated the board of the Nigeria Sovereign Investment Authority (NSIA),chaired by Babajide Zetilin (South West).

    The members of the board represent each of the six geo-political zones in the country.

    They are Halima Buba (North-East), Bello Maccido (North–West), Lois Laraba Machunga-Disu (North Central),  Urum Kalu Eze (South East) and  Asue Ighodalo (South-South).

    Other members are Uche Orji, Stella Ojekwe-Onyejeli and Hanspeter Achermann.

    Inaugurating the board, Osinbajo also commended all those who contributed to the establishment of the Fund.

    He said “It is my pleasure to address the formal inauguration of the second board of one of our nation’s flagship institutions, the Nigeria Sovereign Investment Authority (NSIA).

    “Let me start by conveying the government’s gratitude to all those who had in one way or the other contributed to the establishment and success of the Sovereign Wealth Fund.

    “The discipline and rigour with which the entity was founded and operated reflects in its capacity to deliver on its mandate.

    “Indeed the NSIA has demonstrated that not only do we have the capacity, as Nigerians, to deliver on some of the most complex issues but that we have the men and women to do so.” he said

    Since inception of NSIA, he said that the institution has maintained the track record of consistent positive performance and displayed an impressive capacity for growth.

    “We are proud of its accomplishments and commend the staff and management of the institution.

    “As you know the NSIA fulfills a critical function in our economy and country as a whole, principally it serves as a good tool of fiscal discipline, ensuring future availability of capital through investments in long term assets and managing Nigerian savings.

    “More importantly is a system managed by committed people who seek to create fresh functional and scalable solutions to Nigeria’s economic challenges using limited capital to catalyse inflow of investments.

    According to him, the NSIA is increasingly lending itself to the actualization of the administration’s agenda for economic transformation in many ways.

    He explained that the government in a number of occasions have involved NSIA in the implementation of initiatives central to government’s programmes, which it has delivered efficiently and sustainably.

    “And as we navigate the pathway out of recession and into a self-sufficient and diversified economy it is our expectation that the NSIA will remain increasingly strategic to our nation’s growth and development.

    “Distinguished ladies and gentlemen, it goes without saying that this background and expectation of NSIA’s role in the future informed our choice of these eminent ladies and gentlemen of noteworthy character and proven professional pedigree before you to oversee the affairs of the NSIA as chairman and members of the Board of Directors for a four year term.

    “For those who may demand an explanation of the basis of our choice beyond your academic and track record perhaps it is important to mention that you have been nominated to serve on account on your well-demonstrated integrity, patriotism and unique sense of duty.

    “It is my fervent hope therefore that you will bring these worthy attributes to bear as you discharge your duties.

    “Your appointment is a call to service which will require total commitment and dedication of the highest standards, attributes which I am confident that you will epitomize individually and collectively.

    “As representatives of the people, our charge is simple: we require you to fundamentally improve the performance of the authority and strengthen its operations.

    “The National Economic Council, your governing council, and all Nigerians will hold you accountable to this mandate.

    “Periodically, you will be required to provide evidence of your stewardship to the governing council where your performance, of cause, will be assessed.

    “Indeed despite the fiscally constrained environment, this administration has been able to increase the federal government’s commitment to the NSIA by 50%, committing an additional $500 million.

    “Though the federal government is committed to saving, the actual charge with this additional capital is investment.

    “Thus as the NSIA moves to the second phase of its existence the expectation is that the committed capital will be deployed into projects that are in line with the administration’s key priority areas, namely: infrastructure, agriculture in order to improve our economy.

    “For example, we expect prompt action on the commodities exchange, a vital component of our agricultural reform effort.

    “I am pleased to note your participation with the governments of Delta and Akwa Ibom on the modular refineries project.

    “There are several key projects that would unlock the economic potential of our country and get us faster out of where we are today.

    “The bar before you is high and all of us are counting on you to deliver.

    “So, while congratulating you and wishing you every success in your assignment it is my honour and pleasure to inaugurate the board of the Nigeria Sovereign Investment Authority to the glory of the Almighty God and the enduring development of our nation.”he said

    On behalf of the group, Zetilin welcomed the opportunity to serve the nation and assured that they were fully committed to serving with utmost of integrity and transparency.

    He said “And we look forward to being held accountable. As the acting president already outlined in terms of both making sure that we are prudent stewards of this capital for current and future generations.

    “And as importantly making sure that particularly with the infrastructure funds that we are fully aligned with policies of this administration and the economic team.” he added

    On what they were bringing on board, he said, “We are very committed to protecting the fund for future generations as well as making investments today in infrastructure that will help enhance and align with the government priorities. We are very focused on agriculture, infrastructure more broadly and this is a seasoned team both the executive management team and a very experienced board. So this augurs well for the Nigerian nation.”

    Uche Orji, the Managing Director of NSIA on his part said the authority will focus on agriculture commodities exchange, agriculture infrastructure, power, toll roads as well as the second Niger bridge.

    He said, “We are focused now on domestic infrastructure investment. You are going to see us more in agriculture. You have seen us run the fertilizer blending Programme and we announced that as at last week we had released more than three million bags through our Programme. It is the first time the country will run fertilizer with out subsidy and it is being sold at 30 per cent below market price to the farmers in a free market environment.

    “You are going to see us in agriculture commodities exchange, agriculture infrastructure, power, toll roads, we are doing second Niger bridge and you will see us in other areas such as health care. Health care is one of the big focus areas for NSIA and then you will see what we described as mid stream to downstream oil and gas. Gas for industry, gas for power. That is what the NSIA is going to be focusing on.”

    The Minister of Finance, Kemi Adeosun whose ministry will over see the activities of the authority, said in her remarks that “We had an executive search committee that looked for the best, it is a very balanced board. Every single part of the country is represented which wasn’t quite the way it was in the past.

    “Every single zone is represented here and we have a balance between male and female, seasoned professionals. We have bankers, lawyers, people with oil and gas experience, entrepreneurs, and we are very confident that this board will look after our future resources and provide very good decisions and guidance to the execute management in line with the administration’s expectations and requirements.” he said