August 19, 2022

…Receives briefing on crude oil production and security

The National Economic Council (NEC) has endorsed a report on the 2021 financial performance of the Nigeria Sovereign Investment Authority (NSIA), commending the board and management for a credible performance despite the challenging economic atmosphere.

The commendation was part of resolutions reached by NEC at its meeting presided over by Vice President Yemi Osinbajo, SAN, virtually on Thursday. This month’s meeting was also the Governing Council of the NSIA.

The Council adopted the report and commended the NSIA.

According to the presentation by the MD/CEO of NSIA, Mr. Uche Orji, “the NSIA delivered impressive financial results, underscoring the resilience of its strategy.

“For the 9th year in a row, the NSIA has consistently remained profitable, closing the 2021 financial year with a profit after tax of N153.8 billion, slightly down 1.9% from 2020. (2020: N156.5 billion). Total comprehensive income declined marginally in 2021 by 8.2% to close the year at N147.0 billion (2020: N160.1 billion)

“The NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others.”

In consideration of other matters, the Group CEO of NNPC Limited, Mallam Mele Kyari, made a presentation to the Council on “Crude Oil Production, PMS Supply Situation and Security Intervention against Oil Theft”.

In it, he raised several issues including oil production and market updates. He also gave updates on the PMS supply and distribution, assuring of sufficiency.

After his presentation, State governors raised a number of issues regarding the ownership of the new NNPC Limited, its assets and liabilities.

NEC therefore resolved, and the Vice President directed that a sub-committee of the Council be set up to liaise with the Federal Government on all the issues.