esther renault

The Nigeria Sovereign Investment Authority (NSIA) has disclosed that it expanded its total assets from N617.7bn in 2018 to N649.84bn in 2019.

This is as the authority announced that it deployed N182bn on three major road projects across the country.

It outlined the projects to include Second Niger Bridge, Lagos-Ibadan Expressway and Abuja-Zaria-Kaduna-Kano Road.

It stated that the road projects were captured under the Presidential Infrastructure Development Fund, as a total of N181.9bn had been deployed so far.

Nigeria’s sovereign wealth fund manager disclosed this in its 2019 audited financial statement, which was released during a webinar press conference in Abuja.

READ ALSO: FAAN releases new guidelines for travellers

It also disclosed that the Federal Government had released the $311m Abacha loot to the authority in order to help fund the activities of the agency, as the cash was domiciled in NSIA’s account in the Central Bank of Nigeria.

In its audited financial statement, the agency said it recorded a total comprehensive income of N36.15bn in 2019, while in the previous year it posted N44.34bn.

“Excluding foreign exchange gain of N18bn in 2018 and N1.28bn in 2019, the net income in 2019 was N34.87bn, compared to N26.28bn in 2018,” the Managing Director, NSIA, Uche Orji, explained.

Leave a Reply