Nigerian governors have agreed to engage the Federal Government on the non-recognition of
states as shareholders in the distribution of the recovered looted funds.
The 36 state governors under the Nigeria Governors’ Forum, arrived at this conclusion during
their 8th COVID-19 Teleconference where they discussed the ownership and distribution of the
recovered loots as well as investments funded as first-line charge from the federation account.
NGF chair, Ekiti State Governor Kayode Fayemi, stated that the governors agreed to engage the
Federal Government to recognise state governments as shareholders in the distribution of the
recovered funds.
He said, “Following an update on the rising trend of deductions from revenues accruable to the
federation account available for distribution to the three tiers of government, the governors noted
the threat this poses on fiscal capacities of states to respond to the demands of the COVID-19
pandemic.
“Members also raised concerns about the ownership and distribution of proceeds from recovered
looted funds and accounts or investments funded as first-line charge from the federation account.
The forum agreed to engage with the Federal Government to ensure that the governance
arrangement of all the federation-funded investments recognise state governments as
shareholders in the distribution of proceeds and decision making.”
The governors also raised a six-man committee to interface with the Federal Government on the
next Medium-term National Development Plan which is a 12-month Economic Sustainability
Plan designed to mitigate the impact of the pandemic.
