Meanwhile, government of the West Africa’s small oil producer has withdrawn some $200 million from the Ghana Stabilization Fund (GSF), one of the Ghana Petroleum Funds. Key Points: • Premium Times, June 28, 2017: Nigeria’s Excess Crude Account, ECA, has been ranked the most poorly governed sovereign wealth fund among 33 resource-rich countries around the world, a new report by the Natural Resource Governance Institute has shown. Specifically, he stated that Sections 47 and 48 of the Nigeria Sovereign Investment Authority’s Establishment Act 2011 supports the withdrawal from the Stabilisation Fund. $150 Million Taken Out of Nigeria’s Stabilization Fund. Nigeria has one of lowest natural resource revenue savings in the world, with the balance in the three funds – Stabilisation fund, Excess Crude Account, ECA; and Nigeria Sovereign Investment Authority, NSIA, now below $3.9 billion and incapable of funding 20% of the 2017 national budget. President Muhammadu Buhari has approved the withdrawal of 150 million dollars from the Nigeria Sovereign Investment Authority (NSIA) Stabilization Fund to … Statement from Ministry of Finance on the constitution of the new board and management team of Nigeria’s Sovereign Wealth Fund. Former CBN Governor and one-time Emir of Kano Muhammad Sanusi II said this action will bridge the gaps between official and parallel market rates of … The European Union has contributed to these efforts, along with many other partners.They are meeting urgent humanitarian needs and paving the way for … The (NSIA) Nigeria Sovereign Investment Authority on Thursday, April 9, stated that the balance in the nation’s Stabilization Fund will drop to $201 million once the $150 million requested by the Federal Government is released to it to support the Economy Amid the Pandemic. management of Savings and Stabilization Mechanisms for Nigeria. The NSIA , stated that the Government through Mrs Zainab Ahmed, […] DFID; Posted 7 … Conflict, Stability and Security Fund: North East Nigeria Security and Conflict and Stabilisation Programme Format Other Source. Market leaders demand rate unification framework; Sanusi advises CBN to Fund BDC for naira stabilisation – TO protect the naira, the Central Bank of Nigeria (CBN) must fund Bureau De Change (BDC) segment of the foreign exchange . Posted on 04/06/2020. At 1.5 percent of Ghana’s GDP, the combined $873 million stands stronger than Nigeria’s sovereign wealth fund in the role of fiscal stabilization. The Nigerian government applied for the disbursement of its contributions to the International Monetary Fund (IMF) totaling US$ 3.4 billion under the IMF’s Rapid Credit Loan Facility. Nigeria + 1 more. Natural and man-made crises continue to dominate news headlines and they are becoming more complex and long-lasting.UNDP has started a new generation of large-scale stabilization programmes, aiming at rapidly re-establishing basic services. The CBN Nigeria Electricity Market Stabilisation Fund (CBN-NEMSF) is settling outstanding payment obligations due to market participants under the IRP Debts as well as legacy gas debts of the PHCN generation companies owed to gas suppliers and the Nigeria Gas Company.