Governors Demand N614bn Bailout Funds Audit

Nigeria governors have demanded an audit of money owed to states by the Federal Government as a condition for repayment of the N614 bailout fund.

The governors issued the condition at the end of the Nigerian Governors Forum meeting late Wednesday in Abuja.

The Chairman of NGF and Governor of Ekiti State, Dr Kayode Fayemi, said governors were ready for the loan repayment after proper reconciliation of accounts.

He said, “if you borrow, you pay. Governors have never been averse to payment of loans that we took under legal environment and we don’t want a situation that our banking system and financial system will be in any jeopardy.

“However, governors believe that just as we are ready to pay, we also have a duty to ensure reconciliation of account as far as money owed to states may be concerned. That is the process that is ongoing.”

Reading a communiqué issued after the meeting, Fayemi said the governors’ pledged to continue to collaborate with journalists, especially around the issues of security as they work in hostile environments.

He said the forum received a presentation from the Nigeria Meteorological Agency advising that the country should expect above average rainfall which had already resulted in severe flooding in several States.

At the meeting, the governors received a warning to expect an above average rainfall which had resulted in flooding in some states.

The forum also listened to a presentation by the Transmission Company of Nigeria, which highlighted the issues around inadequate transmission and sought governors’ commitment to improve the power situation in the country. The Forum resolved to partner TCN to improve power supply nationwide.