Nigerian news:Nigerian president signs two bills into law

Nierian President Goodluck Jonathan has signed the 2011 Amended Appropriation Bill and the Nigerian Sovereign Investment Authority (NSIA) Bill into law.

At the brief ceremony at the Presidential Villa, Abuja late on Thursday, the Nigerian leader said his administration was fully committed to turning oil assets into a vehicle for wealth creation as well as economic diversification and investment.

He said the NSIA Bill was particularly historic because it was the first time Nigeria would have a law backing the creation of a sovereign wealth fund.

He told his audience that the fund would provide a strong, transparent and effective tool for the management of the nation's petroleum wealth for the benefit of Nigerians.

He said revenues accruing to NSIA would be invested by it through three special funds, the Nigeria Infrastructure Fund, the Future Generations Fund and the Stabilization Fund.

The infrastructure fund, the president said he would be dedicated to investments in the development of critical national infrastructure with 10 percent of it going to agriculture and government-sponsored projects.

He said the future generations fund would build an inter- generational savings base by investing in longer term assets that would generate returns to accumulate wealth for future generations of Nigerians.

Similarly, President Jonathan said the stabilization fund would help to protect annual national budgets by providing a stable, last resort source of financing during periods of fiscal deficit resulting from a sustained fall in oil prices.

He commended the leadership and entire members of the National Assembly for the passage of the two bills.

The president also applauded the efforts made by the Minister of Finance, Olusegun Aganga, toward the passage of the NSIA Bill.

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