Immediate past Governor of Niger state, Dr Muazu Babangida Aliyu, has blamed the 1999 Constitution for the failure of the past administrations at the Federal level to save part of its income in the boom era for the rainy day.
Aliyu said section 162 of the 1999 Constitution created a Federation Account and compelled all authorities to put all monies generated into the account for sharing among three tiers of government and nothing more.
The section did not provide for opportunity to save for the rainy day
His exact words: “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.