Rivers Compulsory Savings Hit N50bn

Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi (standing) addressing chiefs and people of Soku community, during a solidarity visit to Government House, Port Harcourt

The Rivers State Government says it has generated over N50 billion from the compulsory monthly N1 billion savings initiated by the Amaechi administration.
The State Commissioner for Finance, Dr. Chamberlain Peterside who disclosed this in an interview with newsmen reiterated the commitment of Governor Chibuike Rotimi Amaechi to better the lot of Rivers people.
He explained that the monthly saving was meant for the rainy day and would be utilised by generations yet unborn.
“Rivers State has a mini Sovereign Wealth Fund. And we have saved more than N50 billion in that account for the future of the state and generations yet unborn. As you know, it is a compulsory saving that is strictly meant for the future of the state”, he said.
Commenting on the controversial Sovereign Wealth Fund (SWF), the Finance Commissioner stated that the Rivers State Government was not against the idea of a commonwealth fund, but rather the funds should be sourced outside the Federation Account.
He said it was wrong for the states to contribute in creating the Sovereign Wealth Fund while the Federal Government enjoyed the singular privilege of appointing members of the board that would oversee the fund.
“Maybe like a case of he who pays the piper dictates the tune, the states fear that since the Federal Government has the privilege of appointing who comes to the board of the SWF, there is a possibility that the managers of the fund may be disposed to doing the federal government’s bidding”, he said.