Sovereign Wealth Fund, an unnecessary kidnap of State resources - Rotimi Amaechi
- Written by Palmer Ogheneyole Nathaniel
LIVE FROM SOUTH SOUTH ECONOMIC SUMMIT: River State Governor and Chairman of the Nigerian Governors' Forum, Rotimi Chibuike Amaechi has described the Sovereign Wealth Fund as an unnecessary kidnap of funds meant to develop the States. Ameachi who made this known while reacting to a question thrown to him
by a member of the audience in an audience participatory section at the ongoing South-South Economic Summit, on why the Governors are opposed to the Sovereign wealth fund stated that it is illogical to compel people to save even when they are yet to have enough to carter for their immediate needs.
He maintained that States who are ready to go into such adventure should rather do so on their own volition and on their own terms rather than being forced.
We accepted this initial deduction of $2billion for the Sovereign Wealth Fund because it was forced on us. We will not accept further deduction from our little allocation on the name of Sovereign Wealth fund. You cannot collect my money in disguise of keeping it for me when I can keep it for myself. I wonder what the savings is all about in a State where people are hungry", he said.
Ameachi also explained that even in River State, there is a state structured savings program presently going on which he noted was aimed at securing the future generation.
He said River State has been saving N1billion monthly and has succeeded in saving a total of N37billion within the past 37 months and therefore urged other States to design any savings scheme favourable to them.
The Honourable Minister of Finance and Co-ordinator of the Economy, Dr. Mrs Ngozi Okonjo-Iweala who faulted Ameachi's stand on the Sovereign Wealth Fund explained that Nigeria have only one Economy which cuts across all the States of the Federation and so the Federal Government reserve the right to plan for the entire Nation.
She said the initiative is to save for the unborn generation as well as the raining days, out of the little that the Country has. She immediately ordered Ameachi whom she referred to as her "Junior brother" to announce to the audience that he is in support of the Soverign Wealth Fund initiative.
Ameachi however announced on the affirmative and again reiterated that after the initial deduction of $2billion, the Governors will fiercely resist future attempt to trim down their allocation in the name of Sovering Wealth Fund.
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