Farah Pushes Contingency Bill For N’ Delta

Member representing Degema/Bonny Constituency in the House of Representatives, Hon. Farah Dagogo has sponsored a bill seeking contingency and disaster management in Niger Delta.
He told newsmen last Monday that the bill known as Niger Delta Natural Disaster Reserved Fund Establishment bill was aimed at assuring security for future generations of citizens of states in the Niger Delta.
Hon. Dagogo noted that the funding for the proposed law would comprise a capital contribution of not less than one dollar from every barrel of crude oil and liquefied natural gas sold by the nation.
In addition to that,  it would also source funding from revenue accruing periodically from approved investments made out of the capital Reserved Fund; other revenue legitimately accruing to the Reserved  Fund by means not provided for the bill; and such other sums as might accrue to the capital in the Reserved Fund from time to time.
In order to avoid abuse of the fund, Section 2(4) clarified that the Reserved Fund shall not be used under any circumstances for the following purposes; as collateral or security for any form of borrowing by government, or to make up shortfalls in the recurrent or capital expenditure of government.
The fund can only be resorted to through a proposal by the president solely for the purpose of ameliorating the effects of the situation that led to the natural disaster submitted to the National Assembly and approved by majority of law makers.

By: Kevin Nengia