Funding
Future focused economic development funding
NSIA receives funding primarily from the surplus income generated from the sale of Nigeria’s crude oil. The Authority was allocated an initial sum of US$1 billion in seed capital in 2013. Since then there have been three additional tranches of contributions to the core fund.
The Governing Council approves all fund contributions to the NSIA to enable growth of Nigeria’s Sovereign Wealth Fund (SWF). For accountability and equity, each tranche of funds received by the Authority is vetted by the Accountant General of the Federation (AGF).
In doing this, the AGF also breaks down and apportions the funds by capital contribution to the federating units of Nigeria using the Federation’s Revenue Allocation Formula (as approved by Revenue Mobilization And Fiscal Commission (RMAFC).
The contributions/funding schedule to date is provided below for both direct contributions and managed funds
Direct Contribution
PIDF - Managed Funds
DMO – Managed Funds
Direct Contribution
Direct Contributions
Contribution
$45.59 million
Transfer Date
April 2023
 |
Capital Allocation |
SF: $9.1 million |
 |
Approving Authority |
National Economic Council |
 |
Source |
Royalty by Price/NUPRC |
 |
Allocation Formula |
FG: 44.96% |
Contribution
$150 million
Transfer Date
June 2020
|
Capital Allocation |
SF: ($150 million) |
|
Approving Authority |
National Economic Council |
|
Source |
Withdrawal |
|
Allocation Formula |
FG: 44.96% |
Contribution
$1.0 billion
Transfer Date
February 2013
|
Capital Allocation |
SF: US$200 million |
|
Approving Authority |
National Economic Council |
|
Source |
Excess Crude |
|
Allocation Formula |
FG: 45.83% |
Contribution
$250 million
Transfer Date
January 2016
|
Capital Allocation |
SF: US$50 million |
|
Approving Authority |
National Economic Council |
|
Source |
NLNG Dividend |
|
Allocation Formula |
FG: 51.68% |
Contribution
$250 million
Transfer Date
July 2017
|
Capital Allocation |
SF: US$50 million |
|
Approving Authority |
National Economic Council |
|
Source |
Excess Crude Account (ECA) |
|
Allocation Formula |
FG: 44.96% |
Contribution
$250 million
Transfer Date
April 2020
|
Capital Allocation |
SF: US$50 million |
|
Approving Authority |
National Economic Council |
|
Source |
Excess Crude Account (ECA) |
|
Allocation Formula |
FG: 44.96% |
PIDF - Managed Funds
PIDF – Managed Funds
Contribution
₦163 billion
Transfer Date
August 2021
|
Capital Allocation |
PIDF V: ₦163 billion |
|
Approving Authority |
Presidency (PIDF) |
|
Source |
Infracorp |
Contribution
$169.5 million
Transfer Date
April 2021
|
Capital Allocation |
PIDF IV: $169.5 million |
|
Approving Authority |
Presidency (PIDF) |
|
Source |
NNPC /NLNG 1st Tranche |
Contribution
US$311.8 million
Transfer Date
May 2020
|
Capital Allocation |
PIDF III: US$311.8 million |
|
Approving Authority |
Presidency (PIDF) |
|
Source |
Abacha Recovered Asset |
Contribution
₦70.3 billion
Transfer Date
September 2019
|
Capital Allocation |
PIDF II: On July 21, 2020, ₦19.67 billion earmarked for the East West Road was returned to the Federal Ministry of Finance, Budget and National Planning, for onward remittal to Federal Ministry of Niger Delta Affairs, leaving a balance of ₦70.33 billion to be put towards the ongoing projects. |
|
Approving Authority |
Presidency (PIDF) |
|
Source |
2018 Budgetary Allocation |
|
Contribution |
₦90 billion (Reduced to Net Sum of ₦70.3 billion for deployment to the ongoing projects) |
Contribution
US$650 million
Transfer Date
June 2018
|
Capital Allocation |
PIDF I: US$650 million |
|
Approving Authority |
Presidency (PIDF) |
|
Source |
Presidency |
DMO – Managed Funds
DMO – Managed Funds
Contribution
$200m
Transfer Date
|
Capital Allocation |
$200m |
|
Approving Authority |
Presidency |
|
Source |
FGN Eurobonds 2018, |
|
Allocation Formula |
N/A |
