The National Economic Council (NEC) yesterday after its monthly meeting at the Council Chambers of the Presidential Villa, Abuja, failed to agree on the final framework and modalities for the establishment of the National Sovereign Wealth Fund which would serve as a reserve pool for the country’s future needs.
Instead, the Council constituted yet another Committee, comprising the Governors of Anambra, Rivers, Kwara, Sokoto, Adamawa and Ogun. It also includes the Governor of the Central Bank of Nigeria (CBN) as well as the Ministers of National Planning and Justice to again work out the final details for the fund such as the source of funding and legal framework.
At the National Assembly, a House of Representatives committee has invited the finance minister, Olusegun Aganga, to answer questions bordering on the delay in the release of funds for the execution of the Millennium Development Goals (MDGs) projects across the country.
The invitation followed complaints by contractors handling MDGs projects that non-release of funds by the ministry of finance was having adverse effects on progress of work.
