By Samuel Ogenyi, Uyo
Chairman of the Senate Committee on Petroleum Resources (Upstream) Obong Bassey Albert (OBA), has said that he proposed the Bill seeking to enhance the saving culture of Nigeria inorder to douse panic whenever there is a potential threat to the country’s economy.
The bill titled ‘Allocation of Revenue(Federation Account, etc) Act Cap A 15 LFN 2004 (Amendment),2020 was first read in May, 2020 and has already passed second reading in the Senate.
The bill seeks to amend the Allocation of Revenue (Federation Account, Etc.) Act CAP A 15 LFN 2004 to make the Nigeria Sovereign Investment Authority (NSIA) a first-line charge beneficiary of the Federation Account to enable the country save for the rainy days.
It also seeks to amend section 1 of the principal Act to provide for additional funding for the Nigeria Sovereign Investment Authority (NSIA) by including the NSIA as a first-line charge beneficiary of the monthly distributable funds from the Federation Account.
The bill proposed an amount (equivalent to 20% of the amount standing to the credit of the Federation Account, less the statutory 13 percent of the revenue accruing to the Federation Account directly from natural resources) to be allocated to the Nigeria Sovereign Investment Authority, on monthly basis.
“The proposed amendment as contained in the bill is to complement series of earlier amendments related to the subject by developing a constitutional and consistent monthly saving culture for the Federation, while guarding against constitutional breaches and conflict of laws.” He told newsmen yesterday.
Albert, who represents Akwa Ibom North East in the Senate said the move is imperative as a result of the changing dynamics and volatility of the oil market, which has directly and indirectly affected the nation’s economy.
“Following lessons from the COVID-19 pandemic, imbibing a saving culture is inevitable, as we look forward to making a remarkable process that will enable us to compete favorably with other developing nations.” He added.
Meanwhile Albert has said that despite challenges Nigeria’s 50th anniversary is worth celebrating.
“Our rejoicing is reinforced by our unquantifiable accomplishments and triumphs despite glimpses of multifaceted challenges. I join my fellow compatriots to offer gratitude to the Almighty God for His immense act of benevolence upon our nation since our independence.
” I also convey my salutations to my dear brother and Governor, His Excellency, Mr Udom Gabriel Emmanuel, and the people of Akwa Ibom State and my constituents in Always Ibom North East Senatorial District on this landmark celebration.”
The Senator who paid tributes to the county’s pathfinders, heroes and successive leadership however called for a reflection on the dire lessons of the county’s history.
“Let us hold on to the fact that though tribes and tongue may differ, in brotherhood we standAs the giant of Africa, we must arise as compatriots and reinvent the Nigeria of our dream, where peace and justice shall reign.” He said.
He maintained that the Agenda 2050 as put forward by President Muhammadu Buhari as the new development plan to lift 100 million Nigerians out of poverty by 2030 remained a laudable vision because Nigeria could only be better developed by Nigerians.
