For investing in the National Integrated Power Projects, President Goodluck Jonathan, on Thursday, presented share certificates to the state governors at the Council Chamber of the State House, Abuja.
According to the President, the formal presentation of certificates was meant “to inform Nigerians of what we are doing because a number of them don’t even know that there are investments of the states in the NIPP.”
The governors were at the Presidential Villa for the National Economic Council, which is chaired by Vice President Namadi Sambo and comprises of the 36 state governors and some key ministers.
The President said: “The certificates of investment of the states and local governments are ready for the NIPP.
“That of the Sovereign Wealth Fund too will soon be ready.
“Until when we came on board, the NIPP was stalled.
“We then decided to negotiate with the governors to do it in such a way that it will be proper investment where all states and local governments will have investment based on their own amount in the excess crude account.
“So, those things were worked on under the Vice President and each zone was represented by one governor and the Federal Government also has a representative.
“The money belongs to all the three tiers of government.
“So, any money that comes in belong to all according to the ratio of their investment.
“The state governments will hold those of the local governments in trust for them while the Ministry of Finance will hold that of the Federal Government in trust.
“I thank you for the various discussions you have been holding in the National Economic Council.
“I am quite impressed.”
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