Presidency: Buhari Deserves Credit For Bailout Fund

Femi Adeshina

The presidency has come out to reject the claims made by the Peoples Democratic Party that the bailout fund came from the past government.

Mr. Femi Adesina, the special adviser to the president on media and publicity said the fund approved by President Muhammadu Buhari did not come from the savings of the Jonathan administration but rather from ‘dividends and taxes paid to the Federation Account by the Nigerian Liquefied Natural Gas Company, not from the Excess Crude Account.’

According to Punch, the president’s adviser condemned the PDP and its spokesman, Olisa Metuh for misleading the nation and trying to force credit on Jonathan when actually President Muhammadu Buhari should be applauded for his transparency and accountability in trying to solve the nation’s problem which he claimed were caused by the reckless mismanagement of fund and unchecked squandering under the Jonathan administration.

“Mr. Metuh’s claim that a significant amount of the funds came from savings accumulated in the Excess Crude Account and handed over to the Buhari administration is completely false and deliberately intended to mislead the public.

“As we clearly stated yesterday (on Tuesday), the funds approved by President Buhari for sharing to the three tiers of government on Monday came entirely from dividends and taxes paid to the Federation Account by the Nigerian Liquefied Natural Gas Company, not from the Excess Crude Account.

The statement read: The disbursed NLNG dividends and taxes were paid into the Federation Account in June this year and confirmed by the Central Bank’s statement to the Federal Government on July 7, 2015.

“The funds cannot, therefore, be considered ‘savings’ by the Jonathan administration which left office in May, 2015, as disingenuously claimed by Mr. Metuh.

“Instead of being repeatedly impugned and castigated by the PDP and its agents for honestly telling Nigerians that the nation’s treasury has been immensely depleted and its resources looted or squandered under previous administrations, President Buhari should be commended for the openness, transparency and accountability which he has now brought to the management of national funds.

“It was in keeping with that disposition that the President promptly disclosed the accrual of the NLNG dividends and taxes to the Federation Account at his recent meeting with state governors and approved the convening of a special session of the FAAC to share it.

“As a state governor, who was present at the meeting, remarked, under the past administrations, the states never had the benefit of such disclosures.

“Mr. Metuh and others, who now ungratefully see Monday’s disbursement of the NLNG proceeds as their “legitimate” earnings and not a “bailout” from the Federal Government, may wish to tell Nigerians if such earnings were ever disclosed by the PDP Federal Government and paid to the states in the past.

“The public may also wish to note that the Buhari administration itself has never referred to the actions which it was taken to ease the current financial difficulties of states as a “bailout.”