The Senate has called for details of how the Nigerian Sovereign Investment Authority (NSIA) utilised the $1.5 billion remitted to it so far.
The NSIA, established by an Act of the National Assembly in 2011, primarily manages the Sovereign Wealth Fund, into which the surplus income produced from the country’s excess oil reserves is paid.
The NSIA is tasked with investing the funds on behalf of Nigerians in portfolios it identifies as profitable ventures, including road infrastructure and agriculture.
It took off with an initial allocation of $1 billion and grew in assets to about $2.3 billion as of October 2023.
However, the Senate Committee on Finance said on Thursday that the NSIA now has over $1.5 billion.
During a meeting with representatives of the Managing Director and Chief Executive Officer of the NSIA, Aminu Umar-Sadiq, the committee asked for details on how the agency had utilised the money.
The committee, which is chaired by Senator Sani Musa, observed that there was scanty information on the operations of the NSIA.
For instance, a member of the committee, Senator Adamu Aliero, said the only “visible project” that could be identified with the agency was the Abuja-Kaduna Motorway, still under construction.
He added, “You have received $1.5 billion to invest. How are you using the money?
“Give us the details of all your investments, the dividends, and so on. We want to see the details.”
Senator Ned Nwoko, supporting Aliero’s position, sought to know why the NSIA did not consider the 2nd Niger Bridge as a priority project for investment.
Nwoko stated that though the main bridge project had been completed, the bridge could not be put to use by motorists due to the absence of bypasses.
“The 2nd Niger Bridge has been built but is not being used because of the lack of bypasses.
“Why can’t you fund the bypasses? The NSIA can fund the bypasses, especially on the Asaba end. The bridge is now wasting at a loss to the government.”
The agency was directed to supply the information at the next adjourned meeting of the committee, where Umar-Sadiq would be physically present.
