Bailout Fund: Who Is Fooling Who?


Since that announcement by the Federal Government of the release of the whooping sum of N 713.7 billion as bail out fund to the thirty six States of the Federation and the Federal Capital Territory Abuja, controversy has trailed this pronouncement.
The announcement and release of this fund however, was sequel to clarion calls by the Governors of the State to the President Muhammadu Buhari administration for a respite.
This they saw as the last resort to the lingering poor financial status of the States who are no longer capable of settling salaries of Civil Servants in their various States. Needless discussing why and how they got to this quagmire, even as, it is general knowledge that the second timers squandered State resources in their re-election exercise.
But for the first timers, there are claims and counter claims of inheriting empty treasuries from their predecessors.
Giving the fact that the respective States should not be allowed to collapse, President Buhari in his magnanimity and wisdom announced the release of the sum of N713.7 billion to the States as an intervention fund.
Unfortunately, this announcement and release of the said fund has remained a subject of controversy leading to such questions like “who is really fooling who in this matter”.
While some State Governors acknowledged the release and receipt of the fund, few others are denying any such money and release.
Kwara State Governor Alhaji Abdulfatah Ahmed who acknowledge the release and receipt of thefund siad that the money was meant to restructure the debts of the States in various banks and financial institutions in the country. According to the Governor, such settlements will enable the almost collapsed States to come back to life as to be able to carry on with their social responsibilities.
As that was going on, the Abia State Governor Okezie Ikpeazu who spoke through his media aid, also acknowledged the receipt of the bailout fund and went further to say that he received about three billion naira (N3.b).While Imo Governor Owelle Rochas Okorocha through his media aid, Sam Onwuemeodo spoke in the contrary. Saying that he is yet to receive such money.
Fortunately, the Chairman of the Conference of Nigerian Governors Forum and Governor of Zamfara State Abdulaziz Yari has further threw more confusion in the entire episode by saying categorically that there was nothing like bailout fund for any State from the Federal Government.
Governor Yari was quoted as telling newsmen last week after their meeting at the Transcorp Hilton Hotel , Abuja that he did not and has not received any bailout fund from the federal Government.
He rather claimed that the money shared to the various states were proceeds from the money paid by the Nigerian Liquedified Natural Gas (NLNG)
So, if the claim of the Chairman of the Governors Forum is anything to rely on, it therefore means that something is wrong somewhere which the Buhari Government should explain to Nigerians
It is either that those who claimed receipt did not receive anything or that they do not know what they received or that the Federal Government’s so called BILOUT FUND may have lost in transit.