Bailout: ICPC to monitor cash usage in 27 states – The Nation

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr. Ekpo Nta, on Tuesday said the anti-graft agency will monitor the disbursement and use of the N338billion bailout funds for 27 states.

He asked Nigerians to feel free to raise the alarm if any state is mismanaging the funds.

Nta made the plea in Abuja after presenting some looted funds to victims.

He said: “ICPC will like to sound a note of warning to some states. I am sure we all read about bailout funds to states which are unable to pay salaries.

“Part of what we do is to monitor where government funds are kept and how they are spent. There are concerns that bailout funds are not going to the purposes which they were meant for.

“This issue of running after funds after appropriation will not continue. We will follow how bailout funds are disbursed and the beneficiaries.

“I am calling on all the beneficiaries to pass information on the use of bailout funds to ICPC to achieve what is required.”

President Muhammadu Buhari had approved the release of N713.7billion intervention funds to states.

The bailout was part of a three-pronged relief package that will end the workers’ plight.

While N413.7billion represents special intervention funds, the balance of about N250billion to N300billion is a soft loan to states.

Also, N413.7b ($2.1b) is sourced from the recent Liquefied Natural Gas proceeds and the remaining is a Central Bank-packaged special intervention fund.

The Debt Management Office (DMO) is expected to assist states to restructure over N660billion commercial loans crippling their economy.

With the development, President Buhari has stopped deduction of monthly allocations to states at source.

The CBN has started disbursing N338b bailout funds to 27 states.

The states are – Abia (N14.152b); Adamawa‎( N2.378b); Bauchi( N8.60b); Bayelsa (N1.285b);  Benue(N28.013b); Borno(N7.680b);  Cross River(N7.856b);   Delta( N10.036b); Ebonyi(N4.063b); Edo(N3.167b); Ekiti (N9.604b); Enugu (N4.207b);  Gombe (N16.459b) and Imo (N26.806b).

Others are – Kastina (N3.304b); Kebbi (N0.690b);  Kogi (N50.842b); Kwara (N4.320b); Nasarawa (N8.317b ); Niger (N4.306b);  Ogun (N20.00b); Ondo (N14.686b); Osun(N34.988b); Oyo( N26.606b ); Plateau (N5.357b);  Sokoto (N10.093b) and Zamfara (N10.020b).

The conditions for securing the funds, include a resolution of the State Houses of Assembly.

Culled from The Nation