Immediate past Governor of Niger state, Dr Mu’azu Babangida Aliyu, has defended the inability of the last administration at the federal level to save part of its income in the boom era for the rainy day, saying the government was handicapped by the 1999 Constitution.
He said what the constitution provided for was for all amounts of money generated to be put in the federation account and shared among the three tiers of government.
“The Constitution did not say we should save anything; what the Constitution says is that we should generate and share. It will be illegal for us to say we want to save; the law does not allow it,” Aliyu explained.
He made the remarks in Minna, Niger State, on Saturday when he served as the chairman at the second edition of the NDEDI Annual lecture series which had as its theme, “The Emergence of the Current Economic Realities: Expectations on the part of government and the private sector”.
However, the former governor said he and some of his colleagues were convinced at the time of the need to keep some money aside for eventuality, which brought about the establishment of the Sovereign Wealth Fund.