Nigeria’s House of Representatives Voted to Kill Repeal NSIA, Sovereign Wealth Fund Bill

Posted on 03/04/2022

Nigeria’s House of Representatives at plenary rejected a bill that wanted to repeal the Nigeria Sovereign Investment Authority (NSIA) Act 2011 and the Sovereign Wealth Fund (SWF) and transfer the assets and liabilities to Nigeria’s 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 was sponsored by Chairman, Public Accounts Committee, Wole Oke. Wole Oke argued there were lapses with the NSIA Act.

When put to a voice vote by the Deputy Speaker Idris Wase who presided over the session, the majority of the lawmakers voted against the bill.

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