We invested over $500m to develop Nigerian infrastructure – NSIA

The Nigerian Sovereign Investment Authority (NSIA) has said the agency invested over 500 million dollars in domestic infrastructure and over 1 billion dollars in third party investments.

Aminu Sadiq, the Managing Director, NSIA, disclosed this at an investigative hearing by the House of Representatives ad hoc committee investigating the activities of the NSIA since it’s inception in Abuja on Tuesday

He said the NSIA has also carried out a robust infrastructure investment portfolio covering several critical sectors such as 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 Me 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.

Also speaking, the Director-Geberal, Nigeria Governors Forum (NGF) said Local Government Areas in the country were mere appendages of the states and not a federeting unit and cannot technically be direct beneficiary of funds from the Nigeria Sovereign Investment Authority (NSIA).

Speaking through the Executive Director, Strategy and Research, Lateef Shittu, Director General of the ForumEnd, A. B Okuaru said since the states are 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 technically, 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, Mr 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 FACT has about 49.96 percent 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.”

He disclosed that 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 runned 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.

Chairman of the committee, Hon. Ademorin Kuye said the aim of the investigation was to ensure that the statutory provisions of the law establishing the agency was adhered to.

He said the House wants to be able to have answers to questions from Nigerians on how the funds of the agency were being managed, adding that if the need arises, the committee will visit sites of projects being handled by the agency to ensure value for money.