Rt. Hon. Rotimi Amaechi |
They buttressed their position with the following:
There has been allegations that Fifty-Three Billion Naira disappeared from the Rivers State Reserve Fund Between 2014 and May 2015 Under Amaechi’s Watch. Neither the sum of Fifty-Three Billion Naira (N53, 000, 000,000.00) nor any amount for that matter “disappeared” from the Rivers State Reserve Fund between 2014 and May 2015 Under Amaechi’s Watch.
The first point to be made here is that the Administration of Governor Chibuike Rotimi Amaechi believed in saving for the rainy day. It is a mark of prudence that the Administration committed to a mandatory saving early in its life. However, unfortunate developments in the management of our national resources and the down turn in the economy accelerated the rainy day.
The second point, which is more of clarification and information relates to the amounts in question. At the inauguration of the Justice Omereji Commission, the claim was that the sum of Ninety-Six Billion (N96, 000, 000, 000.00) was withdrawn from the Fund by the Administration of Governor Amaechi.
The third point is that every withdrawal from the Fund complied with the extant controls governing the Fund. Following severe shortfalls in expected revenues, the Administration made three (3) withdrawals in 2014. Each withdrawal was in line with the governing law and the proceeds were applied for the purposes of government.
The total savings by the State over the life of the Administration was under Thirty-Nine Billion Naira (N38, 530,000,000.00) only. Earnings from the investment during the period were over Sixteen Billion Naira (N16, 000,000,000.00). The Fund had a Net Asset Value of over One Billion, Two Hundred Million Naira (N1, 200, 000, 000.00) only at the end of the Administration in May 2015.
0 comments:
Post a Comment