Rivers Assembly Approves 19billion For Amaechi To Cmplete Projects. - Politics - Wabsodlink

MR Josiah Olu, Chairman, Finance Committee of Rivers House of Assembly, on Tuesday said that the House had approved N19 billion from reserved funds for Gov. Amaechi to complete ongoing projects. Olu, (APC-Eleme), told the News Agency of Nigeria (NAN) in Port Harcourt that the Assembly, had earlier in the year, approved N30 billion for Amaechi from government’s reserved funds. He said the financial situation of the country had made it impossible for states to meet their financial obligations. "What the states get from the centre has dwindled drastically and it’s been quite difficult for states to pay salaries and meet contractual obligations. Gov. Amaechi had initiated compulsory monthly savings of N1 billion for the state reserve funds which the Assembly passed into law. "Luckily for us, that’s what we have been able to fall back on to cushion the effect of harsh conditions we find ourselves,’’ he said. The committee chairman said the state did not borrow the N19 billion, but accessed its savings in the reserved funds to complete ongoing projects. He said that Amaechi had approached the House to amend the law on the reserved funds to enable government access it to cushion effects of the short fall in revenue from the federation account. Olu said the House amended the law which enabled government to access funds from the monthly compulsory savings. (NAN) source