11.09.2015 - FG stops funding Sovereign Wealth Fund over falling oil price
The falling prices of crude oil in the international market has compelled the Federal Government to stop the funding of the Sovereign Wealth Fund (SWF). Managing Director of Nigeria Sovereign Investment Authority (NSIA), Uche Orji, said on Wednesday in Abuja after he led other management staff to a meeting with President Muhammadu Buhari that it made little economic sense to be saving when the price of oil had even fallen below the benchmark set for the 2015 budget. The SWF took off three years ago with a $1 billion grant provided by the Federal Government. Orji told State House correspondents that with the current crude oil prices, it would be unrealistic for the government to make additional contribution to the fund...............................................Full Article: Source
Print