Rivers State Assembly Approves Amaechi's Request To Spend N19bn Reserve Funds

The Rivers State House of Assembly yesterday approved a request by the state Governor, Chibuike Amaechi, to access the sum of N19 billion from the state reserved funds.

Amaechi, in a letter read on the floor of the assembly, stated that he needed the funds to complete ongoing capital projects in state.

The Speaker of the assembly,  Hon. Otelemaba Dan-Amachree, explained to members that the state government had unpaid bills due to financial crunch, adding that with the huge money in the reserve funds, it was proper to approve the request.

Explaining further on the reserved funds, Chairman, Assembly Committee on Finance, Josiah Olu, said the money would be accessed from the over N50 billion saved by the state government. 

He said Amaechi’s request had become necessary since the federal government had not released money to states from the Federal Account Allocation Committee (FAAC).

His words: “It, is important for us to tell the Rivers people that this was necessary because we are all aware that it has dried up,  the money we get from FAAC. The Commissioner for Finance and Accountant-General just returned from Abuja, telling us that there is no money to share to the states.

“So, you know the number of projects, the state government has embarked upon. It is important we access this funds, so that we should be able to pay our contractors, so that government can function.

“This is money saved by this administration. The sixth assembly passed a bill that we should be saving N1 billion monthly. We are not borrowing; I repeat, the state House of Assembly did not approve for the governor to access funds from any bank. We are accessing our own funds.”

According to Olu, the state government  had  accessed  the reserved funds twice (N30 billion and N5 billion respectively).

Leader of the assembly Chidi Lloyd, while speaking on behalf of his colleagues, said there was no need to debate the request as the governor was merely having access to what his administration had saved “for the rainy day.”

The 23 lawmakers (including the Speaker), who were present at the sitting unanimously granted the governor’s request.