Fed Govt, states to share $150m NLNG dividends

CASH-STRAPPED states are to get some funds, with the National Economic Council (NEC) approving the sharing of $150 million from the $400 million Nigeria Liquefied Natural Gas (NLNG) dividend by the Federal Government and the states.

The Council also approved that the balance of $250 million be invested in the Nigerian Sovereign Investment Authority to increase its capital.

Osun State Governor Rauf Aregbesola briefed State House correspondents at the end of the meeting.

With him were, Enugu State Governor Ifianyi Ugwuanyi, Minister of Budget and National Planning Udoma Udo-Udoma and Nassarawa State Deputy Governor Silas Agara.

Aregbesola said: “The Managing Director of the Sovereign Wealth Fund Authority presented the status report on the Nigerian Sovereign Investment Authority (NSIA) to the council. After due deliberations on the report, the council agreed that $250m from the $400m NLNG dividend be invested in the Nigerian Sovereign Investment Authority to increase its capital.