The document provides an outline and summary of the presentation of the Federal Ministry of Finance of Nigeria for May 2012. It discusses the Ministry's mandate to administer and control federal finances, mobilize resources, and coordinate revenue allocations. It outlines the Ministry's scorecard format and key performance indicators related to fiscal balance, efficient financial management, budget performance, and contributions to financial stability. It highlights initiatives like the YouWin program to support entrepreneurs and the public works program to create jobs. Overall revenues met targets for the first quarter while debt was maintained at sustainable levels.

1. PRESENTATION OF THE
FEDERAL MINISTRY OF
FINANCE
Federal Republic of Nigeria
MAY, 2012

2. PRESENTATION OUTLINE
• INTRODUCTION
• THE MINISTRY’S MANDATE AND STRUCTURE
• OUR SCORE CARD’s PRESENTATION FORMAT:
 OUTCOME KEY PERFORMANCE INDICATORS
 HIGHLIGHTS OF THE FMF CORE ACTIVITIES AND
INITIATIVES
 OUR ACHIEVEMENTS
 NEMT AND EMITs’ INITIATIVES – THE JOURNEY SO FAR
 CONCLUSION
2

3. INTRODUCTION
• FMF Score Card, in line with the Ministry’s agreed Key
Performance indicators (KPIs), with respect to the
Transformation Agenda
• The focus is on major activities and initiatives undertaken
between October 2011, and March 2012
• Capture of the 4th Quarter activities was due to the
extension of the 2011 Capital Budget to 31st March, 2012.
• Our Score Card encompasses initiatives and activities of
NEMT/EMIT, the Core Departments of FMF and Extra-
Ministerial Departments and Agencies under the Ministry’s
supervision
• Overall Performance- Above Average
3

4. MINISTRY’S MANDATE AND STRUCTURE:
MANDATE
• Administration and control of
the finances of the Federal
Government
• Overall management of the
economy
• Mobilization of external and
internal resources for
development purposes
• Coordination of revenue
allocations to the three tiers of
Government: Federal, States
and Local Governments and
other statutory transfers
STRUCTURE:
Five Core Departments
• Economic Research and
Policy Management (ERPM)
• International Economic
Relations (IER)
• Home Finance
• Human Resource
Management
• Finance and Accounts
4

5. FMF’s EXTRA-MINISTERIAL DEPARTMENTS,
PARASTATALS AND AGENCIES
• Budget Office of the Federation (BOF)
• Office of the Accountant General of the Federation (OAGF)
• Nigeria Customs Service (NCS)
• Federal Inland Revenue Service (FIRS)
• Debt Management Office (DMO)
• Securities and Exchange Commission (SEC)
• Investment and Securities Tribunal (IST)
• National Insurance Commission (NAICOM)
• Nigeria Deposit Insurance Corporation (NDIC)
• Assets Management Company of Nigeria (AMCON)
• National Economic Reconstruction Fund (NERFUND)
• Nigeria Export and Import Bank (NEXIM)
5

6. FMF AGREED OUTCOME KEY
PERFORMANCE INDICATORS (KPIs)
FISCAL BALANCE
EFFICIENT
FINANCIAL
MANAGEMENT
BUDGET
PERFORMANCE
ACHIEVING MORE
EFFECTIVE
COORDINATION
CONTRIBUTIONS
TO FINANCIAL
SYSTEM STABILITY
6

7. FISCAL BALANCE: Ensuring Progressive
Decline in Fiscal Deficit
• Ms to Federation account
7
Fiscal deficit decreases from 2.96% of GDP in 2011 to 2.85% in
2012 budget
• Deficit within the 3% of GDP and in line with FRA
• Recurrent spending trending downwards from 74.4% in 2011, to 71.5% in
2012
Reducing Domestic borrowing from N852.27bn in 2011 to 744.44bn in
2012
• Intensifying revenue generation and collection by MDAs
• Improving remittance of MDAs’ internally generated surpluses
Surpassing Revenue targets: 1st. Quarter Score Card!
•FIRS: Fourth Quarter from (Oct – Dec) 2011 stood at N1, 271.0538 trillion which was 39.71%
higher than the Federal Government quarterly target revenue. First quarter indicates total
revenue collection of ----as against budget projection of --------------
•NCS : 1st. Quarter 2012 collections totals------------- as against ------- in the corresponding
quarter of 2011

8. 8

9. 9

10. 10

11. EFFICIENT FINANCIAL
MANAGEMENT: KEY
PERFORMANCE INDICATORS
Bridging the gap
between aggregate
expenditure outturn and
originally approved
budget
2012 Budget parades
comprehensive
information
- Already put in public
domain and easily
accessible
- FAQs published
-Improved transparency in
intergovernmental fiscal
relations
– Reduction in FAAC disputes
from 9 to 2
-Publication of FAAC
allocations
- Debt risk analysis and
management extended to sub-
national governments
Policy –based
budget process :
Targeted
allocations to
priority projects;
MTSS approved
BUDGET CREDIBILITY;
BUDGET
COMPREHENSIVENESS
AND TRANSPARENCY;
POLICY –BASED
BUDGETING POCESS;
PREDICTABILITY AND
CONTROL IN BUDGET
EXECUTION;
ACCOUNTING , RECODING
AND REPoRTING;
EXTERNAL AUDIT AND
SCRUTINY;
11

12. EFFICIENT FINANCIAL MANAGEMENT:
MINISTERIAL PERFORMANCE REVIEW TEMPLATE
12
AGREED POLICY AND
PROGRAMME PRIORITIES FOR
2012
AGREED KEY PERFORMANCE INDICATORS
(KPI) FOR 2012 AS RELATED TO THE
TRANSFORMATION AGENDA
1ST QUARTER 2012
ACHIEVEMENTS (NOT
ACITIVITES)
REMARKS
OAGF I) IPPIS: Enrolment of the
remaining MDAs on IPPIS
Platform
No. of MDAs enrolled on IPPIS
No. of Personnel on IPPIS
Amount saved on personnel cost
75 MDAs
94,299
N14,230,825.594
I) Implementation of
Government Integrated
Financial Management
Information System
(GIFMIS)
No. of MDAs integrated on GIFMIS
No. of officers trained on GIFMIS
108 MDAs
421 Officers
28 Trainers
I) Budget Implementation Amount cash backed to MDAs on the 1st
quarter
Amount utilized by MDAs
N151,048,207,741.00
Cannot be determined as
the releases have just
been made to the MDAs
I) Revenue collation and
reconciliation meetings
1. Amount of revenue collated
2. No. of reconciliation
3. No. of revenue collection
defaulting Agencies
N1,552,124.22 billion
2
Nil
Jan & Feb
2012
Jan & Feb
2012
Jan & Feb
2012

13. EFFICIENT FINANCIAL MANAGEMENT CONTD:
Accounting Recording and Reporting
• Budget implementation monitoring, 2011
third quarter published
• Quarterly and Annual Reports being regularly
published by FMF
• External Auditors engaged for forensic Audit
of key revenue generating MDAs
• External Audit of Oil and Gas subsidy
• Monthly submission of progress reports by
Core Departments and Agencies
13

14. EFFICIENT FINANCIAL MANAGEMENT
• Ensuring Debt Sustainability;
Nigeria’s External Debt Stock: The bulk of the External Debt is concessionary
• Nigeria’s external debt stock stood at US$5,633.71million at the end of
September, 2011 compared to US$5,398.04million as at the end of 2nd
Quarter, 2011, representing an increase of US$235.67million or 4.36% due
to additional disbursements on the existing loans and exchange rate
variations.
• Multilateral debts constituted the major part of the total debt at
US$4,545.18million or 80.68% of the entire external debt. Non-Paris Club
Bilateral and Commercial debts – US$588.53million or 10.45% of the total
and ICM debts consisted of US$500.00million or 8.87% of the total
external debts.
14

15. 15

16. 16

17. HIGHLIGHTS OF 1ST QUARTER REPORT
(2012); NEMT/EMIT
JOB CREATION
YouWiN!
The Youth Enterprise with Innovation in Nigeria (YouWiN) program
• Launched by the President in October 2011
• Assisting young entrepreneurs (under 40 years of age) to start or
grow their businesses,
• Providing training, mentorship from major private sector players,
and funding.
• Project being spearheaded by the Federal Ministries of Finance,
Youth Development and Communication Technology, with support
from the World Bank, DFID, and private sector organizations, like
Julius Berger, First Bank and Stanbic IBTC.
17

18. National Economic Management Team:
Refocusing the Economy
You Win
AWARD
PRESENTE
D TO 1200
YOUTHS SURE-P
Sovereig
n Wealth
Fund
CIVIL
SOCIETY
RETREAT
The Public
Works
Programme
POWER
SECTOR
RETREAT
AVIATION
SECTOR
RETREAT
Retreat
with the
Private
Sector
Port
Reform
Credit
guarante
e to
banks
Re-
directing
Credit to
Key
Sectors
18

19. “YouWiN!”Where we are!
 1200 winners have emerged top class, out of the 6000
selected youths
 80,000 to 110,000 sustainable jobs for their fellow youths to
be created over the next 3 years.
 Awards ceremony already hosted by My President in April
2012.
 Winners in final preparation of sites and awaiting fund
disbursement of fund
19

20. “YouWin” ! Benefits
• Great Benefits!
 A grant of between N1 million and N10 million from the government,
based on their proposed business plan, to support their equity
contributions
 Introduction to banks for access to credits.
 Further training, mentoring and linkages with more established
entrepreneurs and businessmen
 UK’s School for Start-ups to support the mentoring programme,
 FATE Foundation, WIMBIZ, etc to support
 SMEDAN to collaborate in the monitoring and mentoring
 Winners whose businesses are not registered with the Corporate
Affairs Commission will be supported to incorporate them legally
 CAC partnering with Federal Ministry of Finance in this respect
 Company website to be facilitated by the Federal Ministry of
Communication Technology
20

21. The Public Works Programme
Creating jobs for unskilled youths !
 Launched by Mr. President on Monday, February 13, 2012
 Fourteen (14) States benefitting
 Seven (7) out of the fourteen (14) states, already have good
programmes for the unskilled
 Progamme, targeted at key areas, such as the North East
Zone
 Targeting youths and vulnerable people, like the disabled
persons
 Addressing poverty and resultant security challenges
 PWP, to create about 370,000 jobs each year in the next 3
years
21

22. The Sovereign Wealth Fund – Where we are!
• National Sovereign Wealth Investment Authority (NSIA): the Ministry has
commenced the operational and administrative set up process for the NSIA
• Start-up funds of one billion dollars has been set aside for the NSIA in an interest
yielding account at the Central Bank of Nigeria
• An Executive Nomination Committee (ENC) of six eminent Nigerians (one per geo-
political zone), as required by the NSIA Act 2011, already constituted
• Messrs KPMG has completed a transparent and merit-based selection process
for the Executive Team of the Board of Directors (i.e. the Chief Executive Officer
(CEO), the Chief Investment Officer (CIO) and the Chief Risk Officer (CRO)
• On the recommendation of the Minister of Finance, the President would appoint
the Board of Directors
• President to appoint independent Governing Council members, subject to senate
confirmation
• Operational set-up of the NSIA soon to be completed
22

23. National Economic Management Team - Other
Initiatives
• Organized a “Presidential Retreat with the Private Sector” from 12th -14th
October, 2011 on National development
• Commenced Sector Retreat for key sectors of the economy, including:
Power, Aviation, Housing, Transportation, Agriculture, Education and
Petroleum
• Port Reform :
 Reduced number of agencies operating in the ports from 15 to 7
 Commenced 24 hours ports operation as against previous 9am to
5pm regime;
 Clearing time reduced from 39 days to 7 days – target remains 48
hours
 Ports decongestion progressing – 2,080 out of 5,000 overtime
containers, already removed
23

24. NEMT/EMIT Initiatives contd.
Re-directing Credit to Key Sectors
• Significant progress had been made in re-directing credit to key
sectors like agriculture, power and aviation sectors and SMEs at
single digit interest rates
• Credit guarantee to banks (on a risk sharing basis), to support a N30
Billion programme to supply seeds and fertilizers to farmers
• The financiers granting loans to the Seed Companies and Agro-
dealers at a fixed rate of 15% p.a. but under an interest draw back
arrangement to charge at a single digit interest rate of 7% p.a.
• Balance of 8% p.a. to be claimed from escrow-account with the
Central Bank of Nigeria (CBN) under the Terms of an Escrow
agreement to be executed by the CBN, FMARD and the banks
24

25. MOBILIZING FOREIGN RESOURCES FOR
DEVELOPMENT PURPOSES
ECOWAS Bank for Investment and Development (EBID):
• Nigerian appointed new President of the Bank
• Banks Board of Governors approved increase of
the bank’s authorized capital of UA 603 million to
UA 1 Billion
• Facilitated the ratification by Nigeria of 40 out of
54 number of Protocols and Conventions signed
from 1978 to 23/3/11
• Facilitated the achievement of three out of the
four primary convergence criteria
25

26. MOBILIZING FOREIGN RESOURCES FOR
DEVELOPMENT PURPOSES CONTD
AFRICA FINANCIAL
INSTITUTIONS
• Facilitation of Nigeria’s
payment US$17.3 million
and US$17.5 million
towards the WACB Capital
and Cooperation Funds (CF)
respectively remaining an
outstanding balance of
US$10.6million for the
WACB capital and US$11.4
million for the CF;
CORE PROGRAMMES
• Participated in the negotiation of ADF – assisted
Zaria Water Supply Expansion and Sanitation
Project held in Tunis, Tunisia, from 26-27 January,
2012
• Payment of US$40,379,277.80 to ADB on GCI-VI in
February, 2012. The amount was paid in line with
the Federal Government’s objective regarding the
ADB goal
• Approval of USD30 million NTF facilities to various
African Countries. The above amount was
approved by the Federal Government as part of its
commitment to the project
• Participated in the supervision mission of the
Nigeria FADAMA Development Project II (Kogi,
Kwara, Katsina and Plateau) from 14th – 29th
February, 2012
• Bauchi State 120MW Combined Cycle IPP Phase
Approval of Finance/Sovereign Guarantee for a
Concessional Loan of USD171, 000,003.00 by the
FGN from the EXIM Bank of China, was conveyed to
the State
26

27. BUDGET PERFORMANCE
Revenue Performance
A disaggregation of the component of the retained revenue in
2011shows performance as follows:
• The launching of the Government Integrated Financial
Management Information System (GIFMIS) and trainings of MDA
Officers and Staff of Federal Pay Offices on the new GIFMIS
application started in year 2010 and is still ongoing.
27
Budgeted
NBillion
Actual
NBillion
Performance
%
Total inflow 3,334.50 3,082.05 92.42

28. Mofi Revenue:-
 In 2011, the FGN Investments’ yielded the total sum of N
48,723,208,268.32 in Dividend, Operating Surplus, Directors
Fees, Spectrum Fees, rent, and Privatization Proceeds which has
been transferred to the CRF
Independent Revenue:-
 Two Revenue Monitoring exercises were conducted on MDAs
both within and outside Abuja. A total no. of 217 MDA were
covered outside Abuja and the total sum of
N18,639,627,755.07 was generated
 The sum of N 17,862,333,814.87 was remitted and receipted
into CRF leaving a balance of N777,293,940.20 as
unreceipted/unremitted to be recovered in year 2012
 Similarly, 146 MDAs were covered within Abuja and the total
sum of N79,247,253,577.22 was generated. Out of the above,
the sum of N60,978,142,219.91 was remitted with CRF while
the sum of N18,269,111,357.30 was outstanding
28

29. Oil And Gas Revenue:-
• Oil and gas Companies were issued with 254 no. of Treasury
receipts for the period January – December, 2011. The total
sum of $2,768,661,578.52 and N417,486,479,425.63 were
realized as Royalties on Crude Oil, gas Flared Penalties, Rent
and Miscellaneous Oil Revenue. Reconciliation Meetings were
successfully hosted preparatory for FAAC Meetings
Recovery Of Trapped Government Funds:-
• As a fallout of 2005 banking reforms, the Department set up a
unit with a mandate to recover government funds trapped in 11
liquidated commercial banks which were acquired by 4 viable
existing banks, Mainstream bank, Zenith bank, ECO Bank and
United Bank for Africa (UBA)
• A total sum of N70,820,411,174.36 was public depositors fund
trapped. Reconciliation concluded with NDIC revealed that
N1,730,384,332.62 belongs to the Federal Public depositors
while the balance belongs to States and Local Government
depositors. The sum of N85 million has been reconciled and
transferred into CRF
29

30. NIGERIA CUSTOMS SERVICE (NCS):
Generating Revenue and Facilitating Trade
Total revenue collected in 2011 wasN741.83 Billion,
- out of which, Federation account was (N430.68 billion)
and Non-Federation account (N311.14 billion);
• Increased anti-smuggling activities which resulted in
seizure of 5, 748 goods including textiles, poultry, used
compressors, furniture, general goods etc amounting
to a total value of N8,428,326,774.00K from January
and December, 2011.
30

31. FIRS: POLICY ISSUES:
• Personal Income Tax amendment bill 2011 signed by Mr. President
• Transfer Pricing: Draft regulation developed
• Construction of FIRS Corporate Headquarters: FEC approval
obtained for consultancy on architectural design
• Self Assessment Project – approved by CME/HMF (democratized
tax assessment and assessment is now cost reflective)
• Waivers on Taxes and Bonds – approved by the President (taken
care of the low return on investment in Bonds ; reducing cost of
funds and enhancing business environment)
• Regulation on Non-Governmental Organization (NGOS) and
• Infrastructure Relief - approved by the President, (boosting
infrastructural investment, particularly, in remote areas of the
country)
31

32. CONTRIBUTIONS TO FINANCIAL STSTEM STABILITY : NIGERIA DEPOSIT
INSURANCE CORPORATION (NDIC):
Collaborating with CBN and Engendering Confidence in the Banking System
Deposit insurance coverage provided to:-
 Twenty (20) Deposit Money Banks (DMBs),
 882 Micro-Finance Banks (MFBs) and
 100 Primary Mortgage Institutions (PMIs).
Joint Routine Risk-Based Examination:
 16 non-intervened banks examined in
collaboration with the CBN
 Risk Assessment examination of the 24
Deposit Money Banks (DMBs), with CBN
 Routine examination of Micro Finance Banks
with CBN
 The cumulative recovery for the
banks in liquidation rose from
N21.756 billion in 2010 to about
N22.158 billion in 2011, representing
an increase of about 2.0%
 N8.33 million recovered to date from
closed Microfinance Banks (MFBs)
 ROUTINE EXAMINATION
• Completed the examination of 159
Microfinance Banks (MFBs)
• Completed and issued out
examination reports for 148 MFBs
• Orderly and efficient closure of failed
institutions. With minimal disruption
to the banking system
32

33. Insured and Uninsured Depositors Paid For Banks Closed on
or before 2006
S/N Particulars 2001 (N’billion)
1. Insured deposits paid for banks closed before 2006 3.304
2. Liquidation dividends for banks closed before 2006 6.162
3. Insured deposits paid for banks closed in 2006 4.294
4. Liquidation dividends for banks closed in 2006 66.757
33

34. ASSET MANAGEMENT CORPORATION OF NIGERIA
(AMCON): Shoring Up the Banking System
Key activities and initiatives in 2011
Purchase of third tranche of Eligible Bank Asset (EBAs)
• Completion of the purchase of Eligible Bank Asset, (EBA) from the
participating twenty two banks ; An addition to second tranches bought in
December 2010 and April 2011,respectively
• Total EBA’s valued at N807.9 billion was purchased from the Eligible Financial
Institutions at a discounted value of N481.9 billion under the latest
acquisition
• The Corporation issued “Series V” Bond face value of N689.2 billion as
consideration for the EBAs purchased
• Also, Bond face value of N77 billion (discounted value N54 billion) was issued
as Financial Accommodation to Union Bank of Nigeria. This is subject to
eventual acquisition by the investor UGPL at agreed terms. Total Board
Insurance (fall value) to date stood at N5.464 trillion
• Loan On Board Committee: The Committee has been constituted to
retrieving of loans’ files from the banks to facilitate their restructuring,
administration and recovery 12 banks have been covered thus covering 54.5%
34

35. AMCON’s Gross Earning in 2011
• Recording of gross earnings of N11.61 billion,
N198 million interest incomes on placement,
about N1.79 billion interest income on
treasury bills. The restructured loans yielded
N9.33 billion interest income
35

36. SECURITIES & EXCHANGE COMMISSION:
DEEPENING THE CAPITAL MARKET
• The number and value of new issues stood at 63 and
N2.076 trillion respectively, inclusive of equity
placement of N854 billion to AMCON by two banks.
Indicating an increase of 6.78% and 45.38% in number
and value of issues respectively compared to 2010
figures
• AMCON registered bonds worth N4.357 trillion in 5
series to purchase the non-performing loans of banks
under its N4.50 trillion programme
• 19 New Rules and 9 amendments to existing Rules and
Regulation made in 2011
• 17 capital Market Operators registered for various
capital market functions
• New Corporate Governance Code lunched in April, 2011
36

37. INVESTMENT AND SECURITY TRIBUNAL (IST):
Sustaining Investors Confidence
Through effective and expeditious adjudicatory processes the IST
provides economic justice and remedies to Investors
• Creation of Zonal Office and expanding operations : The
Tribunal opened and commenced operations in its Port
Harcourt Zonal Office, located within Port – Harcourt Judicial
Division of the Rivers State High Courts, thereby bringing justice
closer to the real people
• Production of E-publications: The Tribunal has produced the
electronic mobile versions of some of its publications for
installation on mobile phones, Androids, Symbian and other
compatible electronic devices. The e-publications are;
I. E-Guide and reader system
II. E-bulletin and
III. E-laws Report Converter and reader
37

38. National Insurance Commission (NAICOM):
DEEPENING THE INSURANCE MARKET’S CONTRIBUTION TO THE GDP/GNP
 Insurance sector, currently contributes less than 1% to the GDP
 Implementing the Market Development and Restructuring Initiative (MDRI)
 Commencement of the enforcement of compulsory Insurance products
 Intensifying awareness creation
 Enforcement of Compulsory Insurances provided relief to third parties against
bodily injury or loss of property
 Strengthening Complaints Redress Mechanism: About 400 Complaints
received in 2010 and over N1 billion paid to insurance’ claimants
 Improved Transparency and Disclosure in the financials of insurance
institutions with the newly introduced accounting regulatory requirements on
insurance, industry receivables
 Motor Insurance Database: A Centralized Database Management Project of
the Motor Insurance System is currently being developed, to eliminate the
malaise of motor insurances
38

39. NATIONAL ECONOMIC RECONSTRUCTION FUND
(NERFUND): Creating Jobs, Empowering Nigerians
KEY ACTIVITIES/INITIATIVES
• National Economic Reconstruction Fund (NERFUND) entered into
partnership with 11 Agencies in 2011. This was against eight (8)
achieved in 2010
MSME-PROJECTS
 Approved a total of 939 micro projects, valued at N4.5billion in 2011
EMPLOYMENT CREATION IN 2011
 3,061 direct and 11,312 indirect employments to be created
CURRENT STATUS
 A total of N1.18billion was already released to 498 projects out of the
approved N4.5 billion
 1,541 direct and 6,614 indirect employments to be created via the
disbursed funds
LOAN REPAYMENT HIGH RESPONSE RATE
 Received the sum of N77.64million from 204 Micro projects and the
sum of N207.77million from 9 SME projects in 2011
39

40. NERFUND: DISBURSEMENTS IN 2012
Released the sum of N122.56million for 78
micro projects and the sum of N373.27million
for 9 SME projects (Projects located
countrywide).
• Extra Budgetary Resources:
• The Fund did not receive any extra
budgetary resources in 2011
• Fund granted N2 billion loan in 2010 as
SME support by Government
40

41. NIGERIAN EXPORT-IMPORT BANK
Creation of Quality Risk Assets:
• Approved Facilities by the Bank amounted to
N2.09 billion; loan disbursements stood at
N708.63 million
Aggressive Debt Recovery of the Bank’s
Classified/Non-Performing Facilities:
• The Bank recovered the sum of N56.49 million
from its loan loss portfolio/non-performing
debts 41

42. Intervention to the Entertainment Industry:
• Capacity building arrangement made with EXIM bank of India to
replicate the successes of “Bollywood” in the Nigerian Entertainment
Industry
• A stakeholder forum organized by EXIM Bank of India for the Nigerian
Entertainment Industry. This was to enable its team to study and make
appropriate recommendations on ensuring the success of the Nigerian
Creative and Entertainment Industry Stimulation Loan Scheme (NCEILS)
US$200 Million ADB Sovereign Guaranteed Loan:
• The Bank facilitating the transaction closure and draw down of the
US$200 million Facility; the loan shall be available principally for all
SME’s in all sectors of the economy, with high development impact and
significant contribution to value creation, such as manufacturing, agro-
processing, solid minerals and services.
• Special Purpose vehicle (SPV): A private transnational corporation to be
managed as a private company and with a private sector led Board of
Directors, was currently being set up
42

43. THANK YOU
43