The Nigeria Governors’ Forum (NGF), on Sunday, declared the Sovereign Wealth Fund Act (SWF) unconstitutional calling on the Federal Government to suspend its operation.
President Goodluck Jonathan had, on May 27 this year, signed the National Sovereign Investment Authority Bill into law.

The NGF, which is the umbrella association of the 36 state governors of the country, in a meeting presided over by its chairman, Mr Rotimi Amaechi, maintained that the constitutional issues arising from the SWF Act needed to be looked into critically.

Amaechi, who is also the Rivers State governor, while reading a communiqué disclosed that, “members resolved to call on the Federal Government to suspend the operation of the Sovereign Wealth Fund Act (SWF) until all the issues are resolved because it is unconstitutional.”

According to him, “what we are saying is that first and foremost, you have to resolve the constitutionality of the law.”

Consequently, the governors resolved that power should be de-regulated and decentralised in order to increase the supply of electricity and reduce regulatory bottlenecks.

The Forum noted that, “after listening to a comprehensive presentation on the need to increase the supply of electricity and reduce regulatory bottlenecks by the executive chairman of Nigerian Electricity Regulatory Commission (NERC), Dr Sam Amadi, the Forum resolved that power should be de-regulated and decentralised.”

On Polio Eradication quarterly campaign, all the states re-affirmed their commitment to the eradication of polio and reported the successful take off of the quarterly campaign in which most states participated.

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