"The next 3 months may be hard, but billions of dollars can be recovered"

President Muhammadu Buhari, on Tuesday, June 23, 2015, held a meeting with Nigeria’s 36 state governors on the financial situation in the country.

The President also vowed that funds stolen by government officials who abused their offices in the recent past will be recovered and systemic leakages stopped.

This was disclosed via a statement released by presidential media aide, Femi Adesina after the meeting.

According to the statement, Buhari said:

"There are financial and administrative instructions in every government parastatal and agency. But all these were thrown to the dogs in the past. Honestly, our problems are great, but we will do our best to surmount them.”

“The next three months may be hard, but billions of dollars can be recovered, and we will do our best.”

The President is also said to have expressed surprise that the governors had tolerated the atrocities allegedly committed with the Excess Crude Account since 2011 and promised to tackle the issue decisively.

Buhari further assured the governors that the money spent on federal projects by state governments would be refunded but due process must be followed.

The governors also decided, during the meeting, to forego a federal bailout for states in financial crisis.

Buhari however said that Vice President, Yemi Osinbajo, would look into the Excess Crude Account to see what funds can be immediately shared to provide a lifeline for states which haven’t been able to pay their workers.