Senate passes Sovereign Investment Authority Bill

Senate passes Sovereign Investment Authority Bill
Obiora Ani, Abuja

The Nigerian senate has passed the Sovereign Investment Authority Bill 2011.

The Bill intends to end the sharing of money generated in the country’s excess crude account and then receive, manage and invest the fund in a diversified portfolio of medium and long term investments for the benefit of future generation of Nigerians.

When passed into law, the federal, state and local governments as well as the federal capital territory administration will contribute the equivalent of One Billion dollars in Naira for the take-off of the authority.

The authority is also to develop a five year investment rolling plan annually for the future generation’s fund.

Senate President, David Mark, in passing the bill hoped that the fund would be run properly as according to him, it will help secure the future of the country’s Children.

Amending standing order

The Senate in session has also amended its standing Orders 2007 to ensure that only ranking or experienced law makers assume the leadership of the Senate.

To this end, elections of the President of the Senate, Deputy Senate President and the appointments of principal officers as well as other officers of the senate shall be in accordance with the ranking of senators.

The motion, slated for debate on May 17, makes it mandatory that the senators-elect, some of who are governors and other political office holders, do not assume leadership positions in the senate in the coming senate from next month.

The intended motion amending the senate standing orders 2007 also proposes to make it imperative that legislative business of the senate which remained undetermined at the close of session or the life of the senate shall be resumed and proceeded with in the same manner as if the session or life of the senate had not ended.

Endorsement

Meanwhile, the Senators Forum, an umbrella body of past and present senators on Wednesday endorsed the candidature of Senator David Mark for re-election as the Nigerian Senate President in the 7th National Assembly scheduled to commence next month.

A statement by the Chief Press Secretary to the Senate President, Mr. Paul Mumeh, says a high power delegation of the forum led by the Chairman, Senator Khairat Abdul-Rasaq Gwadabe, in a solidarity visit to Senator Mark in Abuja said the Forum fully supports stability and continuity in the senate as a means of consolidating the country’s democratic institutions.

Senator Abdul-Rasaq Gwadabe added that with the calibre of experienced senators such as the Senate President, David Mark, at the helm of affairs in the senate the 7th Senate would experience stability.

She however, said that the turnover of legislators at last parliamentary election where over 70 percent of the current senators could not make a return ticket does not augur well for the growth and development of the legislature.

Senator David Mark won his election into the senate for the 4th consecutive time since 1999.

Qasim