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.

[b]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.[/b]

Olu said the House amended the law which enabled government to access funds from the monthly compulsory savings. (NAN)


source

THEY claimed he wasnt saving anything. what wike and his cohorts want is to have a field day plundering the Rivers savings.
Amaechi made it impossible for him. This is why wike has sworn that we will not sleep with both eyes closed in rivers state.... ...bunchajokers

A good leader will safe for the rainy day and the reality of the times we are now calls for a serious thinking. We have a finance minister who told us that paying off huge billions will help us get on on our road to economic recovery and rejuvenation now same minister is saying it is okay to borrow $1bn to fund arms purchase and we are supposed to have a sovereign wealth fund, sure-p funding, excess crude account but we still want to go borrowing with an interest of N30bn on the loan.

Not many governors can boast of such prudency not even my loved and cherished fashola. I give it to gov. Rotimi amaechi on this one. Can the spendthrift gov. in the south of the niger who earns the largest allocation boasts of N10bn in a escrow account? When he can't even pay primary school teachers for some months as we read. Riverians will sure miss you.

hmm

Space for sale, gat nuffin to say.

I usually don't know what to comment on threads like dis concerning amaechi

Still watching in HD

All this end time projects. A precursor to abandoned projects, as there are no guarantees that the succeeding government would pick up from where the predecessor left. #sitdown dey look na dog name -Ejiro 2012

it's a good thing the money was taken from the state's saving though. (T. A Orji, how much you save? )

LISTEN AND LISTEN CAREFULLY!!
1. The whitest man on earth still has a black
shadow.
2. No mechanic can repair 'breaking news.'
3. No matter how tall you are, you can never see
tomorrow.
4. Even if you have millions of cars, you still
have to walk to your bedroom.
5. You, being the best swimmer doesn't make
you a fish.
6. The strongest man on earth can never carry a
mountain.
7. The smartest Assassin on earth can never kill
Water.
8. No matter how smart a police is, he can never
catch the air.
9. No matter how mighty a man is, he can never
be wise as King Solomon.
10. Going to Church or Mosque doesn't makes
you a good Christian or Muslim.
Add yours lemme see how smart ya'll are

phantom:
THEY claimed he wasnt saving anything. what wike and his cohorts want is to have a field day plundering the Rivers savings.
Amaechi made it impossible for him. This is why wike has sworn that we will not sleep with both eyes closed in rivers state.... ...bunchajokers

wike is just a rich political agbero....rivers state deserves someone better

Amaechi till 2019!!

phantom:
THEY claimed he wasnt saving anything. what wike and his cohorts want is to have a field day plundering the Rivers savings.
Amaechi made it impossible for him. This is why wike has sworn that we will not sleep with both eyes closed in rivers state.... ...bunchajokers

U are definitely high on some cheap weeds by mentioning wike's name.
Ameachi should tell us what he did with the #495 billion budgeted for this year. Which projects are there that he is borrowing or ploughing back according to Mr olu to complete.He is just withdrawing the money to enrich himself before he leaves office.


#Less I forget Team Nyesom Wike For Governor# For a better and more developed rivers. Wike 2015

pendy79:
A good leader will safe for the rainy day and the reality of the times we are now calls for a serious thinking. We have a finance minister who told us that paying off huge billions will help us get on on our road to economic recovery and rejuvenation now same minister is saying it is okay to borrow $1bn to fund arms purchase and we are supposed to have a sovereign wealth fund, sure-p funding, excess crude account but we still want to go borrowing with an interest of N30bn on the loan.

Not many governors can boast of such prudency not even my loved and cherished fashola. I give it to gov. Rotimi amaechi on this one. Can the spendthrift gov. in the south of the niger who earns the largest allocation boasts of N10bn in a escrow account? When he can't even pay primary school teachers for some months as we read. Riverians will sure miss you.

nna u too go far na. what about niger govnor wey rich pass d state...

Lootocracy !!!

Gov. Rotimi Amaechi will continue to be my political mentor anytime, anywere. Well done bozz.

Tell that to kindergarten pupils.

PAT4HOT:
Gov. Rotimi Amaechi will continue to be my political mentor anytime, anywere. Well done bozz.

And Goodluck Jonathan remains my mentor!

klem93:
different project and different allocations... chai naija

abi o

Why are they trying to empty the reserve now that elections are around the corner. looting money for election. APC & PDP are the same.

E no concern me....

just when you want to hate Amechi, he turns and surprises you

Jonah

Dont be fooled. There was no saving in the first place. The dramatic and simulated withdrawal is just to cover up in case an opposition government takes over. He claimed he saved what about the interest? I am suprised very few people understand the craftiness and antics of this governor. Please there was no saving at all. To prove to you see if you would notice any difference in terms of project executions after the withdrawal.bI weep for Rivers State. This rape is happening before me and I seem powerless. I am afraid to talk so as others too.