A few days after President Umar Musa Yar’Adua reportedly ordered the cancellation of the controversial sale of the Port Harcourt and Kaduna refineries, he has directed the Accountant-General of the Federation, Alhaji Ibrahim Dankwambo, to immediately release to Lagos State government its seized local government funds amounting to N10.8 billion.

Former President Olusegun Obasanjo had ordered the withholding of almost N33 billion of the state’s local government funds over the creation of local government areas. Although the state later reverted to the original 20 local government areas, while converting the new ones to development areas, Obasanjo only ordered the release of a part of the money. He refused to obey the order of Supreme Court for the release of the funds.

Also, he ignored the pleas of well-meaning Nigerians.
In ordering the release of the funds, Yar’Adua said he gave the directive because he discovered, after seeking the opinion of relevant ministries on the matter, that the withholding of the balance of N10, 829, 527, 300.43 of the Lagos funds was illegal.

Special Adviser to the President on Communications, Mr. Segun Adeniyi, who revealed this in Abuja on Monday, while briefing State House correspondents, said: ‘Let me use this forum to announce that the president this morning (on Monday) directed the office of the Accountant-General of the Federation to release, with immediate effect, the withheld local government funds of Lagos State totaling N10,829,527,300.43."

Adeniyi, however, said Federal Government could not grant the Lagos State government’s request for the payment of interest because the withheld funds were not put into an interest-yielding account.
"Lagos was asking for interest, which is not going to be granted because the money was not put into an interest-yielding account. But the important thing is that the president sought the opinions of all the relevant ministries on whether it is legal to hold this money and they all said that it is illegal. So why do we hold on to it?" he queried.

Adeniyi also denied the story making the rounds that the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Funso Kupolokun, has been relieved of his appointment.
He said: "I can tell you categorically that the story making the rounds that Engr. Kupolokun has been removed is not true. He is still the managing director of the NNPC as of today. There is no directive that he should hand over to anybody."

dashkk:
A few days after President Umar Musa Yar’Adua reportedly ordered the cancellation of the controversial sale of the Port Harcourt and Kaduna refineries, he has directed the Accountant-General of the Federation, Alhaji Ibrahim Dankwambo, to immediately release to Lagos State government its seized local government funds amounting to N10.8 billion.

Former President Olusegun Obasanjo had ordered the withholding of almost N33 billion of the state’s local government funds over the creation of local government areas. Although the state later reverted to the original 20 local government areas, while converting the new ones to development areas, Obasanjo only ordered the release of a part of the money. He refused to obey the order of Supreme Court for the release of the funds.

Also, he ignored the pleas of well-meaning Nigerians.
In ordering the release of the funds, Yar’Adua said he gave the directive because he discovered, after seeking the opinion of relevant ministries on the matter, that the withholding of the balance of N10, 829, 527, 300.43 of the Lagos funds was illegal.

Special Adviser to the President on Communications, Mr. Segun Adeniyi, who revealed this in Abuja on Monday, while briefing State House correspondents, said: ‘Let me use this forum to announce that the president this morning (on Monday) directed the office of the Accountant-General of the Federation to release, with immediate effect, the withheld local government funds of Lagos State totaling N10,829,527,300.43."

Adeniyi, however, said Federal Government could not grant the Lagos State government’s request for the payment of interest because the withheld funds were not put into an interest-yielding account.
"Lagos was asking for interest, which is not going to be granted because the money was not put into an interest-yielding account. But the important thing is that the president sought the opinions of all the relevant ministries on whether it is legal to hold this money and they all said that it is illegal. So why do we hold on to it?" he queried.

Adeniyi also denied the story making the rounds that the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Funso Kupolokun, has been relieved of his appointment.
He said: "I can tell you categorically that the story making the rounds that Engr. Kupolokun has been removed is not true. He is still the managing director of the NNPC as of today. There is no directive that he should hand over to anybody."

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Christistruth03

Even your source corroborates my report that it was Local Government funds that were seized and not entire Lagos State allocation.