Governors say Sovereign Wealth Fund is unconstitutional

Governors say Sovereign Wealth Fund is unconstitutional

The Nigeria Governors` Forum (NGF) has called on the Federal Government to suspend the operation of the Sovereign Wealth Fund (SWF), saying it is unconstitutional.

The governors made the call in a communiqué issued at the end of its meeting on Sunday in Abuja, the nation’s capital, which was read by Governor Rotimi Amaechi of Rivers State, South-South Nigeria.

“Members resolved to call on the Federal Government to suspend the operation of the Sovereign Wealth Fund until all issues are resolved because it is unconstitutional,” the communiqué stated.

Consultative competition

Earnings above the budgetary benchmark price of crude oil, are expected to be transferred to the fund set up to replace the country’s excess crude account.

The governors agreed to support the UN initiative on consultative competition on the achievement of the MDG’sat state levels.

Electricity decentralisation

They also called for the de-regulation and de-centralisation of electricity generation.

 The communiqué stated that the governors reached the decision after listening to a comprehensive presentation on the need to increase the supply of electricity and reduce regulatory bottle-necks by the Executive Chairman of the Nigerian Electricity Commission, Dr Sam Amadi.

Polio eradication campaign

The governors re-affirmed their commitment to the first polio eradication quarterly campaign in which most states participated.
They urged the states that were not able to participate in the programme to do so as soon as possible. 

NAN/Shakira/Ekata