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Bailout funds
October 14, 2017
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EFCC investigates Fayose’s govt over alleged diversion of N680m bailout funds

The Economic and Financial Crimes Commission (EFCC) is investigating the Ayodele Fayose government in Ekiti for alleged diversion of over N680million meant for salaries and pension of civil servants, The Nation reports. The amount has been traced to a fixed account which the EFCC claims yields N6 million monthly. The discoveries led to the arrest of... Read More
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October 4, 2017
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Why governors can’t be blamed for diverting bailout funds – Reps member

Lawmaker representing Akure North/South Federal Constituency of Ondo State in the House of Representatives, Hon. Ajisafe Olowookere has supported governors who divert part of their bailout funds for other projects. Bailout funds are usually given to states, especially those who owed several months of salaries and pensions to the workers and retirees. In an interview... Read More
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September 29, 2017
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You are living up to your status as APC’s attack dog | Fayose tells EFCC

The Ekiti State government has said the arrest of Commissioner for Finance, Chief Toyin Ojo, and the Accountant General, Mrs Yemisi Owolabi, by the Economic and Financial Crimes Commission is an attempt to intimidate governor Ayodele Fayose. This is contained in a statement issued on Thursday by the Special Assistant to Governor Ayodele Fayose on Public Communications and... Read More
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September 20, 2017
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Kogi, Ekiti, others still owing salaries despite bailout funds and Paris Club refund – NLC

The Nigeria Labour Congress (NLC) has threatened to name and shame state governors, who refused to pay complete salaries to workers in the country, in spite of the bailout funds and the Paris Club refunds. NLC President, Ayuba Wabba, said this at the National Executive Council meeting of the Non Academic Staff Union of Educational... Read More
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March 29, 2017
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Approve bailout for FG’s N174bn pension arrears, Senate urges Buhari

The Senate on Tuesday urged President Muhammadu Buhari to approve bailout fund to tackle the challenges being faced by pensioners in the country. The upper chamber said the fund will help clear Federal Government pension arrears amounting to about N174bn. The motion titled ‘The Untold Hardship of Pensioners Occasioned by Federal Government’s Failure to Contribute... Read More
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February 15, 2017
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Tell Ekiti workers how bailout funds was spent, APC to Fayose

The Ekiti chapter of the All Progressives Congress (APC) has called on state governor Ayodele Fayose to explain to workers how he spent bailout funds given to it by the federal government. Reacting to Fayose’s allegation that the FG refused to give Ekiti budget support fund in January, the APC in a statement by its... Read More
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February 4, 2017
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Clear yourself of $10m laundering allegations, APC tells Okowa

The All Progressives Congress (APC) in Delta state has accused the state of embezzling N48.6bn According to the APC, this was part of allocation from the Federal Government for the Delta State Oil Producing Areas Development Commission between May 2015 and November 2016. The party also asked Okowa, to clear the air on an allegation that... Read More
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January 29, 2017
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Gov. Okowa denies attempt to launder $10m with US-based mistress

Delta State Governor, Ifeanyi Okowa has denied allegations that he tried laundering $10m bailout funds through a US-based Ika-born actress, Georgina Onuoha. In a statement by the Delta State Commissioner of Information, Pat Ukah, the governor described his involvement as “ridiculously tasteless and mischievous”. “This can only be part of the unrelenting campaign of calumny... Read More
Cover Stories, The News Blog
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January 28, 2017
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“How governor lost $10m bailout funds to mistress”

Security agencies are currently probing a governor for allegedly diverting $10 million bailout funds allocated to his state, which was hijacked by his mistress, The Nation reports. The governor reportedly sought the help of his mistress to launder the funds who however refused to deposit the amount in accounts the governor provided. Investigations revealed that the governor... Read More
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January 24, 2017
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FG receives states’ approval to probe N510bn bailout funds spending

Commissioners of finance of 36 states have backed the planned audit of the utilisation of the N510bn disbursed to states last year. Chairman, Forum of Finance Commissioners of the Federation Account Allocation Committee, Mahmoud Yunusa confirmed the endorsement while speaking during an interview in Abuja . Yunuda said the audit firms appointed by the Federal... Read More
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January 10, 2017
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FG commences audit of states’ utilisation of bailout funds

The federal government has hired private accounting firms to commence audit on how 35 states utilised about N510 billion given to them to meet their financial obligations. A statement, by Salisu Danbatta, a director in the finance ministry, entitled, “FG commences independent monitoring of State finances”, the audit firms will “monitor and evaluate the implementation of the... Read More
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November 17, 2016
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Bailout funds is not Christmas gift, APC tells Fayose

The All Progressives Congress (APC) in Ekiti says Governor Ayodele Fayose must account for how bailout funds given to the state were spent. In a statement issued on Thursday by its Publicity Secretary, Taiwo Olatunbosun, the party said the funds is not a “Christmas gift that doesn’t require accountability”. Fayose had said he would not... Read More
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November 16, 2016
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I won’t allow you probe how I spent bailout funds, Fayose tells Senate

Ekiti State government has said it would not allow the senate probe how it spent bailout funds from the Federal Government. In a letter dated November 11 and signed by the state’s Attorney General and Commissioner for Justice, Owoseni Ajayi, Ekiti faulted the senate plan to probe the funds. The state said Nigeria’s federal system... Read More
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September 24, 2016
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Sanusi replies Falana, says he is ready for probe

A former governor of the Central Bank of Nigeria, Lamido Sanusi says he is ready for his time as head of the bank to be probed, Premium Times reports. It would be recalled that days back human rights lawyer, Femi Falana had called for the probe of Sanusi, who is now the Emir of Kano, and Professor... Read More
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July 15, 2016
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27 states to be probed over spending of bailout funds

The House of Representatives, on Thursday July 14, commenced probe of 27 state governments over the application of N689.5bn bailout funds granted them. The decision was taken at the plenary session presided over by Speaker, Yakubu Dogara after Hon. Sunday Karimi, sponsored the adoption of a motion of urgent public importance. Karimi, in the motion,... Read More
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April 25, 2016
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Bailout funds diversion: ‘ICPC was stingy with facts’ – Okorocha

The Imo State Government has refuted claims made by the Independent Corrupt Practices and other Related Offences Commission (ICPC) that it misappropriated the bailout funds collected from the Federal Government for the payment of salary arrears of workers. A statement released by the Chief Press Secretary to Governor Rochas Okorocha, Sam Onwuemeodo, on Sunday, said... Read More
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March 3, 2016
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EFCC arrests 3 aides of Okorocha over ‘N2bn’ bailout funds diversion

Three top officials of the Imo state government were on Wednesday, arrested by agents of the Economic and Financial Crimes Commission. According to the anti-graft agency, the trio diverted N2bn out of the bailout funds released by the federal government for the payment of salary arrears of the state’s civil servants. A statement released by... Read More
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November 9, 2015
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Why I refused to collect bailout from FG – Governor Udom

Akwa Ibom State Governor, Udom Emmanuel, has explained why he refused to collect the bailout fund offered to states, by the Federal Government to pay arrears of workers salaries. Udom said his refusal stemmed from his reluctance to mortgage the future of Akwa Ibom people. Speaking at the weekend, in a town hall meeting with journalists and other... Read More
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October 10, 2015
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Spies reportedly assigned by ICPC to monitor state governors

It is believed that the Independent Corrupt Practices and Other Related Offences Commission has assigned operatives to monitor state government that have received bailout funds from the Central Bank of Nigeria. The spies of the ICPC are mandated to pay close attention to funds disbursement, Punch reports. N338bn was approved by the Federal Government for the... Read More
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September 30, 2015
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THE YNAIJA TRACKLIST: MASSOB leader begs UN to allow Biafra secede from Nigeria | Timipre Sylva finally accepts APC’s decision | Assembly dashes Ambode’s hope over commissioners | More stories

Buhari speaks on Saraki’s trial and ministerial list (WATCH). YNaija Bailout: Ondo workers begin warning strike Wednesday. Premium Times  MASSOB leader begs UN to allow Biafra secede from Nigeria. YNaija As a ‘loyal party member’, Timipre Sylva finally accepts APC’s decision. YNaija Assembly dashes Ambode’s hope over commissioners. Vanguard Why military action alone cannot end... Read More
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September 19, 2015
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These are the 19 states that have received bailout funds

19 states have received their share of the bailout package from the Central Bank of Nigeria. According to the CBN, the bailout funds to pay arrears of workers’ salary, has been released to the following states. Abia (N14.152bn) Adamawa( N2.378bn) Bauchi (N8.60bn) Bayelsa (N12.85bn) Benue(N28.013bn) Borno(N7.680bn) Cross River(N7.856bn) Delta( N10.036bn) Ebonyi(N4.063bn) Edo(N3.167bn) Ekiti (N9.604bn) Enugu (N4.207bn)... Read More
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September 19, 2015
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Fayose elevates importance of stomach infrastructure while talking bailout fund

Ayo Fayose, Ekiti state governor, has promised not to divert the bailout fund provided by the Federal Government, to help the state pay workers’ salary arrears. Fayose, said just as it’s written in the bible, he would not deny workers their wages. He also vouched that he will pay the salaries immediately the fund is released, rather than... Read More
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September 4, 2015
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Catholic Archbishop breathes down Okorocha’s neck over bailout funds

Imo state government has acknowledged the fact that it has received its share of the bailout fund from the Federal Government. In reaction, the Catholic Archbishop of Owerri Ecclesiastical Province, His Grace, Most Rev. Anthony J. V. Obinna, has challenged Governor Rochas Okorocha to publish the state’s financial statement. Archbishop Obinna, wondered why it was taking... Read More
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September 2, 2015
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Ekiti APC and Fayose ‘disagree’ over supposed CBN loan

The All Progressives Congress (APC) in Ekiti State has said the request by the state governor, Ayodele Fayose, for a N9.6 billion bailout from the Central Bank of Nigeria (CBN) is frivolous and unjustifiable. APC Publicity Secretary, Taiwo Olatunbosun said, “It is difficult to trust a one-man government where the House of Assembly doesn’t have... Read More
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August 27, 2015
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CBN orders banks to release bailout funds to states

The Central Bank of Nigeria has instructed Banks to release funds to state governments for the payment of salary arrears of their workers. The directive was communicated through a statement signed by the Director, Corporate Communications, CBN, Mu’azu Ibrahim. According to the statement, out of the 27 states involved, funds have been disbursed to Zamfara and Kwara,... Read More
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July 28, 2015
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Government says bailout money will be deducted from states’ allocations

The bailout is apparently not for free as earlier thought. Findings have revealed that the bailout package being prepared by the Central Bank of Nigeria (CBN) for the 36 states of the federation is to be deducted from their statutory allocations. According to investigations on Monday, it was revealed that some state governors had started... Read More
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July 23, 2015
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Governors claim they did not get any bailout fund from Buhari

Governors of the 36 states under the aegis of the Nigerian Governors Forum (NGF) has formally declared that it did not received any bail out fund from the federal government. The governor’s however stressed that they would continue to demand for their legitimate earnings in the Federation Account while also pledging to work with President Muhammadu Buhari to ensure coherent... Read More
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July 16, 2015
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Buhari is being sued over bailout to states

Apparently not everybody is happy with the bailout fund approved by President Muhammadu Buhari to states to settles backlog of unpaid salaries. A member of the House of Representatives, Igariwey Iduma-Enwo, has approached an Abuja Federal High Court to challenge the decision of  Buhari to rescue states in the country with a bailout of N713.7 billion.... Read More
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