The law provides that government should save from the country’s excess crude oil earnings as a backup against unforeseen economic challenges.

But the governors have mounted pressure on President Goodluck Jonathan to return the Act to the National Assembly for a repeal in order to free more funds for the states. Governors who met with a Federal Government delegation in Abuja last week said they needed the additional funds to meet the financial challenges posed by the payment of the N18,000 minimum wage.

The National Assembly had passed the law by majority, after being convinced by the President that the legislation would ensure the saving of excess earnings from the nation’s crude sales.

Reacting to the development, Leader of the Senate, Senator Victor Ndoma-Egba, said the governors were part of the National Economic Council where the decision to establish the fund was taken.

He said, “The bill was not passed without consultations. The governors are members of the National Economic Council where the bill was discussed and approved. So, where is this new wisdom coming from?”

Senator Heineken Lokpobiri, while criticising the governors for insisting on abrogating the fund, blamed the confusion on the lack of true federalism in the country.

“The reasons why state governors are kicking against the Sovereign Wealth Fund law passed by this chamber is because of the unitary government we are running.

“They want to continue to share the money every month. When the oil money finishes what will happen to this country will be better imagined,” he said.

Similarly, Senator Smart Adeyemi accused the governors of trying to “eat up the future of the coming generations.”

He said, “The governors are against the interest of the people. Their position is also against the law, because the Sovereign Wealth Fund has been signed into law. This is a physical manifestation of corruption.

“I think they are looking for ways of having enough money to waste. With the exception of a few governors, how many of them are really doing anything for the people?”

However, the Senator said an amendment could be done in the Constitution to provide for the fund, but added that the fund was necessary to guarantee the future of the next generation.

The Chairman of the Senate Committee on Media and Publicity, Senator, Eyinnaya Abaribe, said that the senate as an institution would wait for a formal notice from the governors before its final position.

The governors had argued that the SWF was in conflict with Section 80 of the 1999 Constitution, as amended, which provides that all revenue of government shall be paid into the federation account.