The Nigeria Sovereign Investment Authority (NSIA) has received an additional N90 billion as funds to be managed under the Presidential Infrastructure Development Fund (PIDF).
In 2018, the President of the Federal Republic of Nigeria, President Muhammadu Buhari approved the establishment of PIDF, which is to be managed by the, and invested specifically in critical road and power projects across the country.
The National Economic Council (NEC) authorized the initial transfer of $650 million dollars to the NSIA from the Nigeria Liquefied Natural Gas (NLNG) Dividend Account, as seed funding for PIDF on May 17, 2018.
“A subsequent funding of N90 billion was received from the Office of the Accountant General of the Federation (“OAGF”) on 30 September, 2019,” according to the NSIA.
The PIDF initiative aims to eliminate the risks of project funding, cost variation and completion that have plagued the development of the nation’s critical infrastructure assets — such as the 2nd Niger Bridge, Lagos to Ibadan Expressway, East—West Road, Abuja to Kano Road, Mambilla Hydroelectric Power — over the last few decades.
The terms of agreement for the NSIA, the Authority acting as a manager of PIDF include:
• complete discretion to deploy prudent fund/ cash management strategies in relation to the fund;
• may not, without prior written consent of the FGN, borrow on FGN’s behalf in relation to the PIDF projects;
• will receive the sum of 0.25% of the fund annually as management fee and deduct fund management expenses from the fund;
• will retain tax exempt status and as such, no taxes may be applied to any fees due and payable to the NSIA; v. shall not except in case of fraud or gross negligence, be held liable for failure of PIDF to meets its objectives;
• will be indemnified by FGN in respect of all losses, liabilities, damages and claims and costs; and
• will provide promptly to the FGN detailed information and reports in relation to the PIDF projects.
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