By Lizzy Ikuru
Port Harcourt – The Rivers House of Assembly (RSHA) on Tuesday repealed the State Reserve Fund Law of 2008′ to enhance effective policy implementation.
The House after due consideration of the law during plenary, repealed it to pave way for Rivers State Reserve Fund Bill of 2017 which was passed into law immediately after its second reading.
Mr Ikwunyi Ibani, Speaker of the assembly, explained that the situation in the country had made it difficult to implement the 2008 law.
According to him, though the law attracted applause from lawmakers and the people, the economic situation in the state had made it difficult to be obeyed.
The 2008 law says ” All monies standing to the credit of the Rivers State Reserve Fund are to be paid into the Consolidated Revenue Fund of the state”.
The Speaker said that repealing the law does not amount to government not having the tendency to save for the rainy day.
“Repealing this law does not kick against savings by the state government, after all our future starts today but we can’t save in an already recessed economy,” he said.
Ibani said that the new law would allow the state government to use fund for the betterment of the people.
“ I want to assure us that government is determined to add instant value to the people of the state through this law,” he said.
Mr Enemi George, (PDP- Asari-Toru Constituency 1) ,who also supported passage of the law, thanked the state government for sponsoring the bill.
According to him, no reasonable man would talk about saving up to the tune of N1 billion per month when the federal allocation could merely take care of the monthly wage bill.
“We are talking about saving N1 billion monthly from federal allocation.
“If I may ask, how much is our federal allocation and Internally Generated Revenue (IGR) today that can enable us save as much as N1 billion per month?,” he asked.
Mr Christian Ahiakwo,(PDP Ogba/Egbema/Ndoni Constituency 1), said repealing the law was most timely.
Meanwhile, the House elected Mr Benibor Anabraba(APC-Akuku-Toru) as the minority leader. He was also inaugurated by the Speaker.
