Rep stop bill to repeal NSIA act, transfer funds to Finance Ministry
The House of Representatives on Thursday rejected the bill, seeking to repeal the Nigeria Sovereign Investment Authority (NSIA) and transfer its assets and liabilities to the Ministry of Finance Incorporated.
The proposed legislation titled: “A bill for an Act to Repeal the Nigeria Sovereign Investment Authority Act and Transfer the Assets and Liabilities to the Ministry of Finance Incorporated; and for Related Matters is sponsored by Oluwole Oke, Chairman, Public Accounts Committee of the House.
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It provides that: “All funds currently in the custody of the Nigeria Sovereign Investment Authority (hereinafter be referred to as the Authority) shall be transferred to the Federation Account and all investments made by the Authority shall be managed by the Ministry of Finance Incorporated established pursuant to the Ministry of Finance Incorporated Act”.
But after the debate on the general principles of the bill when it was mentioned for second reading, the majority of the lawmakers voted against having argued that repealing the NSIA was not in the best interest of the country and at variant with the Constitution.
… Details later