A REPORT ON EXCESS CRUDE
PROCEEDS
* Minister of Finance told the Council that the Account
has a balance of $2.3 billion.
B UPDATE ON CONSTITUTION OF
EXECUTIVE SEARCH COMMITTEE OF THE BOARD OF NIGERIA SOVEREIGN INVESTMENT
AUTHORITY (NSIA) WAS MADE BY MINISTER OF FINANCE
· Minister of
Finance, Mrs Kemi Adeosun gave an update to the Council on the progress
regarding the constitution of the NSIA Board.
· The Minister told
the Council that nominees have been selected to form a Search Committee that
will bring up names of potential Board members of the NSIA.
C RECONSTUTION OF BOARD OF
NIGER DELTA HOLDING COMPANY (NDPHC)
· The Vice
President and Chairman of Council informed the Council of the reconstitution
process of the Niger Delta Power Holding Company, NDPHC, with representatives
from States based on the six geo-political zones as follows:
(i)
North-Central
- Plateau State
(ii)
North-East
- Adamawa State
(iii)
North-West
- Kebbi State
(iv)
South-East
- Anambra State
(v)
South-West
- Lagos State
(vi)
South-South
- Edo State
D UPDATE ON STATES THAT HAVE RECEIVED BAILOUT
FUNDS
· CBN Governor
reported to the Council that a total sum of N689.5 billion has now been disbursed as salary assistance loan to
States and additional N310 billion disbursed as Excess Crude Account-backed
loans to States.
·
Regarding the salary assistance loans, the Finance Minister
informed Council that President Muhammadu Buhari has approved the suspension of
monthly deduction at source for this month, and no such deductions would
be made this month from the FAAC allocations to the States.
· This is meant by
the President to give the States some financial relief at a time the FAAC
allocations are dwindling due to the drop in oil prices.
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Politics