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FG, states to share $150 million NLNG dividends

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In from Olumide Olaoluwa . . .
The National Economic Council (NEC) chaired by Vice President Yemi Osinbajo on Thursday approved sharing of $150 million from $400 million Nigeria Liquefied Natural Gas (NLNG) dividend by the Federal Government and state government.
The Council also approved that the balance of $250 million be invested in the Nigerian Sovereign Investment Authority to increase its capital.
Osun State Governor, Rauf Aregbesola briefed State House correspondents after an over seven hours meeting at the Council Chamber of the State House, Abuja.
He was accompanied by Enugu State governor, Ifeanyi Ugwuanyi, Minister of Budget and National Planning, Udoma Udoh Udoma and Deputy Governor of Nassarawa State.
Aregbesola said: “After due deliberations on the report, the council agreed that $250m from the $400m NLNG dividend be invested in the Nigerian Sovereign Investment Authority to increase its capital.
“Council resolved that the balance of $150 million of the said $400 million NLNG fund be shared accordingly in the prescribed formulae at the Federation Account.”

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On the report of government agencies generating revenues in foreign currency but remitting naira into the federation account, he said that the Council mandated the Ministry of Finance to investigate and report back.
He also said that the Central Bank of Nigeria (CBN) was mandated to embark on sensitisation and public enlightenment on the forex policy and relevant laws and regulations to guide traders and others who encounter challenges regarding the movement of foreign currency across the nation’s borders
On the balance in the Excess Crude Account (ECA), he said: “At the end of the NEC meeting today, the Accountant-General of the Federation reported that the balance of the ECA stood at $2.257 billion and that is not much change from the last report.”
Highlight of the briefing, he said, was on the sustainability of the pension arrangement, scorecards of the states in the implementation of the scheme, the challenges being faced by the states, opportunities and also the steps towards full implementation by the states.

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