From Okwe Obi, Abuja
Managing Director, Nigeria Sovereign Investment Authority (NSIA), Aminu Sadiq, has revealed that it has invested over $500 million in domestic infrastructure.
Aminu, who spoke yesterday at a resumed investigative hearing of the House of Representatives ad hoc committee on Ministries, Department and Agencies (MDAs), in Abuja, added that about $1 billion was invested in what he called third party investment.
According to him, NSIA has carried out an infrastructure investment portfolio in agriculture, healthcare and power, while developing over 10 institutions and platforms to improve the financial market ecosystem.
He disclosed that the agency has developed a 10 million solar panel project with over 500 jobs to be created, 13,504 housing affordable housing units under construction, support over 236,000 farmers among others.
He said the net assets growth of three agency has grown from N156 billion names in 2013 to N1. 017 trillion as at the end of 2022.
This was as the Director General, Nigeria Governors’ Forum (NGF), A.B. Okauru, said that Local Government Areas in the country were mere appendages of the states and not federating units and cannot technically be direct beneficiary of funds from the Nigeria Sovereign Investment Authority (NSIA).
Represented by NGF Executive Director, Strategy and Research, Lateef Shittu, Okuaru said since the states were satisfied with the operations of the NSIA, the local government cannot claim not to be aware of projects being carried out by the agency.
He said the states were real owners of the NSIA since they control over 54 percent of the shares of the agency alongside the local government.
He was responding to the presentation of the National President of the Association of Local Government of Nigeria, Kolade David Alabi that the local government councils were not aware of the activities of the NSIA.
He said by the composition of the NSIA, the Federal Government and the Federal Capital Territory (FCT), has about 49.96% of the investment, while the 36 states and their local government control about 54 percent, saying “the states and local government are the real owners only NSIA because we are the majority shareholders.”
According to him, in 2022, the governors requested a presentation on the operations of the NSIA from the management, adding that “we were satisfied with the presentation and what they are doing.
“If you look at the constitution, the country is ran as a federal system. We have only two federation units- the Federal and State government.
“The local government is not a federating unit, but an appendage of the states, even though it is recognised in the Constitution as a third tier of government.
“That is why you have a states and local government joint accounts. They don’t get money directly from the Federations Account.
“Every single project executed by the NSIA is located in a local government and so, they are beneficiaries of the NSIA projects and we are satisfied with what they have been doing”.
He acknowledged the NSIA investment in health and education, he said the health facilities being invested in by the agency were health facilities belong to the states, while those of the local government have joy benefited.
Committee Chairman, Ademorin Kuye said the aim of the investigation was to ensure that the statutory provisions of the law establishing the agency was adhered to.
Kuye said the House wanted to have answers to questions from Nigerians on how the funds of the agency were managed, adding that if the need arises, the committee would visit sites of projects handled by the NSIA to ensure value for money.