The Rivers State House of Assembly has passed the 2008 Reserve Fund Bill presented to it by the state Governor, Hon. Chibuike Rotimi Amaechi.
The objective of the Bill is to provide a platform for the state government to save and invest one billion Naira every month from its earnings, as well as enable the state government to set aside some of its earning as a hedge against harsh conditions in future.
The state 2008 Reserve Fund Bill is one of the three executive bills which the state chief executive, sent to the House for consideration and passage into law, about few months ago.
The passage of the bill at yesterday’s sitting followed the adoption of the recommendations of the ad-hoc committee’s report after some amendments on the report were made.
Presenting the committee’s report on the floor of the House, the chairman, Hon. Totenaan Ogiri said the committee worked according to its terms of reference, adding that public hearing was also held to collate the views of members of the public on the bill.
The motion for adoption of the committee’s report was moved by Hon. Onari Brown (Akulga 1) and seconded by Hon. Aye Pepple (Bonny).
However, after series of debates on the recommendation, the House in a unanimous vote amended section 2, 4 and 5 of the principal bill which among other things barred the State House of Assembly from amending the law without the consent of the traditional rulers and chairmen of the local government areas of the state.
Section 5 of the amended bill makes it mandatory for the state governor, the Deputy Governor, Commissioner of Finance, Accountant-General, and the Auditor-General to be members of the investment committee that would appoint a board of trustees to manage the fund.
The lawmakers were of the opinion that appointment into the board of trustees in the bill should not be confined to the members of the state executive, rather technocrats and other experienced indigenes of the state could be appointed into the board.
The state lawmakers further advised that the fund should also be used to improve on infrastructures of the state, like building bridges and for expansion of roads.
The Speaker, Rt. Hon. Tonye who presided over the day’s sitting, while commending the lawmakers for their commitment to the passage of the bill called on other committees to ensure that the remaining bills were passed.
