Yar Adua orders release of Lagos N10.8b council funds

President Umaru Musa Yar\'Adua on Monday directed the Accountant-General of the Federation, Mallam Ibrahim Dankwambo to immediately release a total of N10.829,527,300.43 to the government of Lagos State government, being the council funds withheld by the administration of former President Olusegun Obasanjo.

Special Adviser (Communications) to the President, Mr. Olusegun Adeniyi told journalists at the Presidential Villa Abuja: \"Let me use this forum to announce that the President this morning (Monday) directed the office of the Accountant-General of the Federation to release with immediate effect the withheld local government funds of Lagos State totalling N10,829,527,300.43.\"

The sum, which had been a subject of court cases and mediation, was withheld by the past administration following the creation of new local government areas by the administration of former Governor Bola Tinubu.

A breakdown of the amount shows that a total of N7,300,897,108.79 was from the Federation Account, N3,004,610,868.41 was for withheld funds accruing through the Value Added Tax (VAT), while N481,230,531.22 was from the shared excess crude fund and N42,788,792.01 was from the two thirds VAT incentives.

The President has also chosen Lagos and Obudu Cattle Ranch, Cross River State as Presidential Retreat homes, the American equivalent of Camp David. Adeniyi said the choice of Lagos and Obudu Cattle Ranch as Presidential Retreat centres was for them to serve as places \"for recreation, contemplation, rest and relaxation as well as for meetings, discussions and hosting of dignitaries in informal settings.\" - Guardian