Our Current Balance in The Soveriegn Wealth Fund! By Kayode Olagesin

Our current balance in the Soveriegn Wealth Fund, Stabilization Fund and Excess Crude Account is now $3.9b as at June 2017. The Nigerian Extractive Industries Transparency Innitiative has recommended that all the funds should be consolidated and managed under the SWF. I totally agree. The Fund can only continue to grow.

Some people wonder why I was so bitter at the 'APC'. Just imagine they didn't play negative politics and did not support people like Amaechi and Oshiomole who used the Governors Forum to scuttle the attempt to save, just how much money we would have saved up. Then imagine also that they did not oppose Fuel Subsidy Removal in 2012, how much more would have been available to save. Given the known level of kleptocracy in government, the surest way to reduce stealing is to keep the money away from reach.

That is why TSA is also a good policy. I am glad this administration, despite the lean times, is saving, it is the right way. I am delighted at this news and can only pray that Nigerians will understand issues properly before deciding on who or what to support. Let us learn to support issues not people. Let's build up the SWF. It can hit $5b before the end of this administration. That will be very good indeed. When we get to the $50b mark it can insulate us from fluctuations to a large extent and make the Naira less susceptible to the vagaries of global economy.
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