The Nigerian House of Representatives has rejected a bill that seeks to repel the Sovereign Investment Authority Act and transfer the assets and liabilities of the authority to the Ministry of Finance.
The sponsor of the bill, Mr. Wole Oke, who moved that the Bill be read the second time, stated that the function of the sovereign investment authority was to manage and save resources for Nigeria, a function already being handled by the Central Bank of Nigeria CBN.
This according to Mr. Oke amounts to duplication of responsibility, which the House is trying to do away with among government agencies.
Mr. Oke who is the Chairman House Committee on Public Accounts stated that ”passing the bill would enable the House to conduct a public hearing to see whether the fund does not contravene the constitution.”
Contributing to the debate, a member from Oyo State, Akin Alabi, observed that the Bill would reduce the cost of governance.
Mr. Henry Nwawuba, a member from Imo State said; ”the House should tread with caution as the Sovereign Wealth Authority was created to save for a rainy day.”
The Chairman House Committee on Information National Orientation, Mr Olusegun Odebunmi however, urged the sponsor to step down the Bill so that the House can evaluate the performance of the fund from inception.
The Deputy Speaker, Ahmed Wase who presided over the plenary put it to voice vote at the end of which majority of the members rejected the Bill.
Meanwhile a Bill for an Act to Regulate International Studies for Wards and Children of Nigerian Public Officers was also rejected.
The bill which was to strengthen Indigenous Institutions, provides efficient educational services for National Development.
Sponsor of the Bill, Mr. Sergius Ogun from Edo State maintained that the bill would have provided Nigeria the opportunity to revive its educational system that would discourage Nigerian Youth going out of the country in search of quality education.
The Bill however, suffered the same rejection at the 8th Assembly.
Mercy Chukwudiebere
