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 resources are over in Nigeria.

Speaking at a meeting with the Governors in the Presidential Villa, President Buhari also vowed that funds stolen by government officials who abused their offices in the recent past will be recovered and systemic leakages stopped.

“There are financial and administrative instructions in every government parastatal and agency. But all these were thrown to the dogs in the past. Honestly, our problems are great, but we will do our best to surmount them.

“The next three months may be hard, but billions of dollars can be recovered, and we will do our best, ” the President told the governors.

Expressing surprise that the governors had tolerated the atrocities allegedly committed with the Excess Crude Account since 2011, President Buhari promised to tackle the issue decisively.

The President declared that the payment of national revenue into any account other than the Federation Account was an abuse of the constitution, adding that what he had heard was going on in many agencies and corporations, particularly the NNPC, was clearly illegal.

On the refund of monies spent on federal projects by state governments, President Buhari assured the governors that the Federal Government will pay, but insisted that due process must be followed.

The President promised special assistance for the three North Eastern states badly affected by the Boko Haram insurgency.

He also said that a comprehensive statement on the economic and financial situation inherited by his administration will be made to the nation within the next four weeks.

“We will try and put the system back into the right position. What happened in the 2nd Republic has apparently happened again, and even worse, but we will restore sanity to the system,” President Buhari assured the Governors.

On an immediate lifeline for states that owe salaries running into many months, President Buhari said that a committee headed by the Vice President, Professor Yemi Osinbajo, will look at the Excess Crude Account and see what can be shared immediately.

The governors, led by Chairman of the Governors Forum, Abdulaziz Yari of Zamfara State, had presented a wish list to the President that included:

Ø Obedience of extant Supreme Court ruling that all monies go into the Consolidated Federation Account;

Ø An order from the President that all revenue generating agencies must pay into the Consolidated Federation Account;

Ø Review of the Revenue Allocation Formula;

Ø Refund of the monies expended by states on federal projects;

Ø A special consideration for the three states of the North East under Boko Haram infestation;

Ø Full details of the amounts that accrued into the Excess Crude Account from 2011, and how the money miraculously shrank without official sharing.
Femi Adesina
Special Adviser to the President

(Media and Publicity)
June 23, 2015


Read more http://newswirengr.com/2015/06/23/buhari-sets-up-committee-headed-by-osinbajo-to-immediately-share-excess-crude-account-funds/

its more like it.

feeling like being on the front bage

Finally, a government with direction.

Change!

WEdn hear

Full details of the amounts that accrued into the Excess Crude Account from 2011, and how the money miraculously shrank without official sharing

I am not surprised at the bolded since Ex President Jonathan said Stealing isn't Corruption .

It will be injustice not to kill corruption. If we don't kill corruption, corruption will kill Nigeria and Nigerians will keep suffering.

Op no well with Topic.

ok now, more money for aregbese to play with...diaris....

It is well

What happened to the $20b ECA that was shared in 2012? This Buhari is a funny man and directionless. The ECA fund was meant for Sovereign Wealth Fund that will form part of our savings for the future on the event of crises and economic melt down. So Buhari plan is to dry us? This is a sad development

Hmmm

Nigeria is truly blessed to have a president like buhari....decisive, charismatic and authoritative.....sai baba....

Finally we have a Presidential President!!!
No more methanol drinking at Aso Rock!!!

Okay

Committee Again?

Ok

Stupidity. Jesus Christ of good Nazareth please come to Nigeria's aid. No finance Minister would advice this, but buhari that didn't even attend university has taken the policy decision without any advice. E GBA MI OO

barcanista:
What happened to the $20b ECA that was shared in 2012? This Buhari is a funny man and directionless. The ECA fund was meant for Sovereign Wealth Fund that will form part of our savings for the future on the event of crises and economic melt down. So Buhari plan is to dry us? This is a sad development

Can u just av sense for 1day! What cld be more Rainy or event of crisis like u claimed than workers sleeping hungry for the past 7months

coolitempa:
Nigeria is truly blessed to have a president like buhari....decisive, charismatic and authoritative.....sai baba....

Based on what? Sharing excess crude money? The same thing GEJ did and you used it to campaign against him is what you are now applauding? Is this country sick?

Daura President??

Good move #sweet old wine#

They've started sharing again?

askofemma:

Can u just av sense for 1day! What cld be more Rainy or event of crisis like u claimed than workers sleeping hungry for the past 7months

You should have sense. The failure to pay salaries by Governors have nothing to do with the plan of the Sovereign Wealth Fund. What is there is enormous natural disaster? The Governors have always been eying the ECA since adam. The $20b that was shared in 2012 what did they use it for?

barcanista:
What happened to the $20b ECA that was shared in 2012? This Buhari is a funny man and directionless. The ECA fund was meant for Sovereign Wealth Fund that will form part of our savings for the future on the event of crises and economic melt down. So Buhari plan is to dry us? This is a sad development

We are in serious trouble in this country! From cluelessness to dullardness. Are we cursed?

The govs are the ones advocating for this again! My question now is, will the money be shared only amongst the states that are owing or to every state, because that money belongs to us all and if some state govs mismanaged their allocations and get bail out it then means those who did not mismanage are either stupid or will also start deliberately mismanage funds because their is a precedence of bail out now fro the ECA.

Some people are saying the monies will be given to the states with conditions of paying back with interest? I laugh, because a state that is in deficit now and can't pay workers will not be able to pay back. The fed govt will deduct from the states allocation which was not enough before to payback this bail out and the state will continually be indebted to the FG for life unless they start producing and selling something to generate other sources of revenue. Since they did not do this when the going was good, how will they do it now when they are begging for money for recurrent purposes. Am still laughing!

Until we review our constitution and restructure the country, we are just moving round in circles.

coolitempa:
Nigeria is truly blessed to have a president like buhari....decisive, charismatic and authoritative.....sai baba....

You are not serious

barcanista:
What happened to the $20b ECA that was shared in 2012? This Buhari is a funny man and directionless. The ECA fund was meant for Sovereign Wealth Fund that will form part of our savings for the future on the event of crises and economic melt down. So Buhari plan is to dry us? This is a sad development

I think it is more of spiritual now but get well soon . I'll personally remember you in my prayers that God should restore all the enemy (pdp) has stolen from you

What kind useless Advice. People have not been paid in months and you are saying Advice?

AfricanGod2:
Stupidity. Jesus Christ of good Nazareth please come to Nigeria's aid. No finance Minister would advice this, but buhari that didn't even attend university has taken the policy decision without any advice. E GBA MI OO

barcanista:
What happened to the $20b ECA that was shared in 2012? This Buhari is a funny man and directionless. The ECA fund was meant for Sovereign Wealth Fund that will form part of our savings for the future on the event of crises and economic melt down. So Buhari plan is to dry us? This is a sad development

What is this one saying bikonu.
So u were deaf or were u seeking for protection when amaechi was shouting on top sovereign wealth fund

My brother, we are in serious trouble in this country!

codedguy1:


We are in serious trouble in this country! From cluelessness to dullardness. Are we cursed?

The govs are the ones advocating for this again! My question now is, will the money be shared only amongst the states that are owing or to every state, because that money belongs to us all and if some state govs mismanaged their allocations and get bail out it then means those who did not mismanage are either stupid or will also start deliberately mismanage funds because their is a precedence of bail out now fro the ECA.

Some people are saying the monies will be given to the states with conditions of paying back with interest? I laugh, because a state that is in deficit now and can't pay workers will not be able to pay back. The fed govt will deduct from the states allocation which was not enough before to payback this bail out and the state will continually be indebted to the FG for life unless they start producing and selling something to generate other sources of revenue. Since they did not do this when the going was good, how will they do it now when they are begging for money for recurrent purposes. Am still laughing!

Until we review our constitution and restructure the country, we are just moving round in circles.

PUSH1:
What kind useless Advice. People have not been paid in months and you are saying Advice?

What happens after the governors have paid the arrears, what then? The savings of over 150 million people would have been used to pay about 1 percent of the population and 6 to 8 months from now the governors will begin to look for cash again because they momentarily solved their solution using an unsustainable means. So what would you do when this happens? Sell off national assests to pay workers?



....maybe you're a worker yourself so your judgment may be clouded.