National Economic Council approves NSIA’s 2021 financial performance report

Per Second NewsAugust 19, 2022605

The Nigeria Sovereign Investment Authority’s (NSIA) 2021 financial performance report has been approved by the National Economic Council (NEC).

The NEC also lauded the board and management of NSIA for what it called their credible performance despite the difficult prevailing economic environment.

Persecondnews reports that the commendation was part of resolutions reached by NEC at its meeting presided over by Vice-President Yemi Osinbajo (SAN) on Thursday in Abuja.

Briefing the NEC on the activities of the Authority as well as the complete financial performance of the Agency for the year 2021, the MD/CEO of NSIA, Mr Uche Orji, said: “For the 9th year in a row, the NSIA has consistently remained profitable, closing the 2021 financial year with a profit after tax of N153.8 billion, slightly down 1.9% from 2020; N156.5 billion.

“Total comprehensive income declined marginally in 2021 by 8.2% to close the year at N147.0 billion.

“The NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others.”

In consideration of other matters, the Group CEO of NNPC Limited, Mallam Mele Kyari, made a presentation to the Council on “Crude Oil Production, PMS Supply Situation and Security Intervention against Oil Theft”.

Kyari raised several issues including oil production and market updates, as well as updates on the PMS supply and distribution, assuring of sufficiency.

The council also approved the State Action on Business Enabling Reforms (SABER) program and also the setup of proposed SABER National Steering Committee.

NEC was established by the provisions of the Constitution of the Federal Republic of Nigeria, 1999, as amended; Section 153(1) and Paragraphs 18 & 19 of Part I of the Third Schedule.

The Council was inaugurated by President Muhammadu Buhari on 29 June 2015.

Chaired by the Vice-President, Prof. Yemi Osinbajo, the NEC, which meets monthly, has the mandate to “advise the President concerning the economic affairs of the Federation, and in particular on measures necessary for the coordination of the economic planning efforts or economic programmes of the various Governments of the Federation.”

Membership of the Council comprises the 36 State Governors, the Governor of the Central Bank of Nigeria and other co-opted government officials.