Nigerian Governors Justifies suit against FG over $4bn recovered loot; kick against 30% Frontier Basin Funds

Chairman of the Nigeria Governors Forum Kayode Fayemi says governors in the country felt slighted when decisions were taken on recovered looted funds without their input as critical actors in the federation.

Mr Fayemi, who is also the Governor of Ekiti State stated this when he featured on ARISE News Thursday and faulted the aides to President Buhari for their failure in providing comprehensive technical advice on critical national issues.

Governor Fayemi’s comments come on the heels of a joint suit filed by the 36 state governments against the federal government at the Supreme Court over alleged illegal diversion of over $4.371bn in recovered loot.

He argued that the source of the looted funds was from the federation account and as such, the federal government can’t do whatever it pleases with the returned funds.

According to Mr Fayemi, the governors would have preferred a situation where the funds are returned to the federation account and allow the mechanisms of government to include governors in the decision-making process.

Fayemi also torched on PIB saying governors in the country are ready to go to court should they exhaust all available options open to resolving the brewing crisis occasioned by President Muhammadu Buhari’s signing of the Petroleum Industry Act.

Mr Fayemi, who is also the Governor of Ekiti State in the country’s southwest said the governors will work with the steering committee (set up by the president to oversee the process of implementation of the newly signed Petroleum Industry Act) but will not fail to take an alternative measure if they fail to secure a reprieve.

A particular sticking point is the 30% of profits set aside for ‘Frontier Basins’ in the PIA, which Fayemi says will deplete the Federation Account from which the three tiers of government share proceeds.

He suggested that officials in the presidency may not have shared the governor’s reservations concerning the Act with the President on his return from his visit to the United Kingdom.

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