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The NISA is governed by a Board. In addition, the NSIA governing council shall provide advice and counsel generally to the Board, having regard to the independence of the Authority.
The Excess Crude Account (ECA) has been replaced with three sovereign wealth funds. These sovereign funds will manage Nigeria’s excess earnings from crude oil. The current administration stated the current Excess Crude Account has no real legal backing since it was formed under a political arrangement from the previous administration.
The NSIA will receive monthly funding of a significant portion of oil and gas revenue above the budgeted revenue and approved by parliament.
The Nigeria Sovereign Investment Authority (NSIA) will manage these three funds.
- Future Generations Fund
- Nigerian Infrastructure Fund
- Stabilization Fund
Background on Nigeria Sovereign Investment Authority
Funds were previously held in the Excess Crude Account (ECA) to help stabilize the budget. The ECA was created in 2004. The rationale behind the ECA is to act as a stabilization fund, closing budget deficits that are a product of oil price volatility, and to potentially fund domestic infrastructure investments. The ECA was subject to ad hoc withdrawals. At the end of 2011, after the Nigerian government initiated a procyclical fiscal expansion paid by ECA withdrawals – the account was nearly depleted.
On May 11, 2011 the Nigerian Senate approved the Nigeria Sovereign Investment Authority Bill, 2010, which seeks to establish a sovereign wealth fund to manage excess profits from the country’s sale of crude oil. It was then passed in the lower house and signed by the President of Nigeria.