Adamawa receives $11m from Sovereign Wealth Fund

The Adamawa State Government on Tuesday received US$6.2 million, representing its savings under the Sovereign Wealth Fund.

The 21 local government councils in the state also received 4.8 million dollars to be shared among them.

The Sovereign Wealth Fund is a vehicle through which excess revenue from the sale of crude oil is saved abroad.

Receiving certificates for the two amounts in Yola, Gov. Murtala Nyako of Adamawa, said that the introduction of the fund was laudable as it would enhance development.

He said that Germany introduced a similar fund 40 years ago “and it helped greatly in the nation's transformation'.

Nyako received the certificates from the Commissioner of Finance, Alhaji Ibrahim Buba and Commissioner for Local Government, Alhaji Salihu Bakari, respectively.

He said that his administration was committed to development of the state.

According to him, the government will continue to seek ways of accessing funds to provide essential infrastructure in the state.

“It is not collecting loans that matter, but utilising it for maximum benefit of the present and future generations,'' he said.

The ceremony also featured the presentation of the certificate of best governor of the year in agriculture to Nyako by an Abuja based agriculture firm.

Dr Abba Gambo, the Chairman of the firm, Royale Criterion Consult, , said the award was in recognition of the transformation of the agriculture sector in the state.

Gambo said that the sector had recorded 'manifold yields| in both crops and livestock in 2013.