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Tuesday, March 14, 2017

Rivers Assembly repeals ‘Amaechi’s reserve fund law‎’

The Rivers State House House of Assembly has repealed the Rivers State Reserved Refund Law of 2008.
The Law was repealed following the passage of the Rivers State Reserved Fund Repeal Bill, 2017.
House Committee Chairman on Public Funds, Major Jack while presenting his report said, “The Committee met with various stakeholders and it was agreed that the Law should be repealed.
“Therefore, we are recommending that the Law should be repealed; since the state is still borrowing, there is no reason to save.
“All monies standing as credit in the Rivers State Reserve Fund should be paid into the account of the revenue fund of the state.”
Speaker of the Assembly, Ikuinyi-Owaji Ibani said the Law was repealed because of the current economic reality.
Ibani said the state could not continue to save when allocation had dropped and the economy was in recession.
Majority of the lawmakers voted in favour of the Reserved Fund Law.
Meanwhile, Member representing Port Harcourt Constituency one in the Assembly, Victoria Nyeche said repealing the Reserve Fund Law was a wrong decision.
Nyeche who is a member of the APC recalled that the former Governor Amaechi saved N1 Billion every month.
“It is true that current economic situation cannot allow us to save one billion naira every month but it is not for us to completely repeal the Law.
“We can save something. Repealing the Law simply means we have closed the account because we have cash flow issues. Are we saying that as a people we cannot save?
“My opinion is that we could have simply amended that Law. If we can’t save N1bn at least we can save N1m every month,” Nyeche said.
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