\u2026Promises Bail Out To States<\/p>\n
President Muhammadu Buhari Tuesday in Abuja assured State Governors that
\nthe days of impunity, lack of accountability, and fiscal recklessness in
\nthe management of national resources are over in Nigeria.<\/p>\n
Speaking at a meeting with the Governors in the Presidential Villa,
\nPresident Buhari also vowed that funds stolen by government officials
\nwho abused their offices in the recent past will be recovered and
\nsystemic leakages stopped.<\/p>\n
“There are financial and administrative instructions in every government
\nparastatal and agency. But all these were thrown to the dogs in the past.
\nHonestly, our problems are great, but we will do our best to surmount
\nthem.<\/p>\n
“The next three months may be hard, but billions of dollars can be
\nrecovered, and we will do our best, ” the President told the governors.<\/p>\n
Expressing surprise that the governors had tolerated the atrocities
\nallegedly committed with the Excess Crude Account since 2011, President
\nBuhari promised to tackle the issue decisively.<\/p>\n
The President declared that the payment of national revenue into any
\naccount other than the Federation Account was an abuse of the
\nconstitution, adding that what he had heard was going on in many agencies
\nand corporations, particularly the NNPC, was clearly illegal.<\/p>\n
On the refund of monies spent on federal projects by state governments,
\nPresident Buhari assured the governors that the Federal Government will
\npay, but insisted that due process must be followed.<\/p>\n
The President promised special assistance for the three North Eastern
\nstates badly affected by the Boko Haram insurgency.<\/p>\n
He also said that a comprehensive statement on the economic and
\nfinancial situation inherited by his administration will be made to the
\nnation within the next four weeks.<\/p>\n
“We will try and put the system back into the right position. What
\nhappened in the 2nd Republic has apparently happened again, and even
\nworse, but we will restore sanity to the system,” President Buhari assured
\nthe Governors.<\/p>\n
On an immediate lifeline for states that owe salaries running into many
\nmonths, President Buhari said that a committee headed by the Vice
\nPresident, Professor Yemi Osinbajo, will look at the Excess Crude Account
\nand see what can be shared immediately.<\/p>\n
The governors, led by Chairman of the Governors Forum, Abdulaziz Yari of
\nZamfara State, had presented a wish list to the President that included:<\/p>\n
Obedience of extant Supreme Court ruling that all monies go into the
\nConsolidated Federation Account;<\/p>\n
An order from the President that all revenue generating agencies must
\npay into the Consolidated Federation Account;<\/p>\n
Review of the Revenue Allocation Formula;<\/p>\n
Refund of the monies expended by states on federal projects;<\/p>\n
A special consideration for the three states of the North East under
\nBoko Haram infestation;<\/p>\n
Full details of the amounts that accrued into the Excess Crude Account
\nfrom 2011, and how the money miraculously shrank without official sharing.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u2026Promises Bail Out To States President Muhammadu Buhari Tuesday in Abuja assured State Governors that the days of impunity, lack of accountability, and fiscal recklessness in the management of national…<\/p>\n","protected":false},"author":1,"featured_media":39851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-39850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n