The House of Representatives at plenary rejected a bill that sought to repeal the Nigeria Sovereign Investment Authority Act 2011 and the Sovereign Wealth Fund and transfer the assets and liabilities to the Ministry of Finance Incorporated.
Chairman, Public Accounts Committee, Hon. Wole Oke argued that all funds currently in the custody of the NSIA be transferred to the federation account and all investments made by the Authority be managed by the Ministry of Finance Incorporated established pursuant to the Ministry of Finance Incorporated Act.
He also pointed out that the NSIA had always failed and refused to submit its spending to the appropriation powers of the National Assembly.