Kemi Adeosun say No more bailout for states, says finance minister

The Federal Government on Thursday ruled out the possibility of providing bailout funds for state governments to meet their financial obligations, including the payment of salaries of workers, due to declining allocation from the Federation Account.

It insisted that rather than providing fresh funds for the states to run their operations, the state governments must restructure their finances in line with the current economic realities.

The Minister of Finance, Mrs. Kemi Adeosun, who stated these during an interview on Channels Television’s Sunrise Daily, noted that unlike in the past when state governments had a lot of allocation from the Federation Account, the drop in oil prices had made it imperative for the governors to reduce the cost of governance.

MESSAGE FOR ALISON-MADUEKE: Kola Aluko Hits By Strange Ailment As Jide Omokore parts ways with him

This is indeed not the best of times for the founder of Fossil Resources, a downstream company and co-director of Atlantic Energy Drilling Concepts Limited, Mr. Kola Aluko. We gathered that Kola is terribly sick at the moment. The cause of his sickness is not known as at the time of filling this report.

But people that know him confided in us that its more of spiritual attack.

And if that is not enough, Jide Omokore, his partner has parted ways with him over a deal gone awry.

However, in recent times, there have been issues over oil businesses in the country. Aluko’s Atlantic Energy Drilling Concept Limited had been variously mentioned, having gone into agreement with the Nigerian Petroleum Development Corporation (NPDC), the operating arm of the NNPC.

Fashola Takes FG to Court over Deductions from Federation Account

A violation of section 162 of 1999 constitution

Governor Babatunde R. Fashola of  Lagos State  has dragged the Federal Government of Nigeria to the Supreme Court, challenging the latter’s power to deduct one percent from the revenue due to all federating units from the Federation Account for the purpose of funding police reforms. In the originating summons filed pursuant to sections 1(3) and 232 of the 1999 Constitution by its Attorney-General and Commissioner for Justice, Mr. Adeola Ipaye, among others, the state government said the decision to deduct the one percent from the Federation Account violated section 162 (3-5).