£4.2m recovered Ibori loot handed over to Delta government – AGF

The Accountant General of the Federation, Ahmed Idris has told the House of Representatives Ad hoc Committee on “Assessment and Status of all Recovered Loots Movable and Immovable Assets from 2002 – 2020 that the controversial £4.2m recovered as stolen in the past, has since been handed over to Delta State government.

He gave the revelation while responding to inquiries on “Effective Efficient Management and Utilization”, headed by Hon. Adejoro Adeogun.

Ahmed Idris also explained the difference between the Federation and Consolidated Revenue Fund Accounts of the Federation, and the desegregation of Recovered Assets and funds.

He said: “All agencies’ revenues, go into the Treasury Single Account, but the TSA, does not apply to the Federation Account.

And it depends on the nature of recoveries. Some recoveries are for state governments, and when they come, will send them to the state governments, including the Ibori loot. The recovery of the Ibori Loot, was paid to Delta State.

Asked by lawmakers on the need for the TSA, given that section 162 of the 1999 Constitution says all revenue of government, must go into the Consolidated Revenue Fund, for appropriation by the National Assembly, the Chief Treasurer of the Federal Government, agreed that the TSA was not captured in the constitution.

TSA should be given legal teeth; going by the financial regulation and constitution, it’s not there. But with the advent of the TSA, everything is now linked together and centralized.

“But there is a need of an amendment of the law, but may be we can talk about that later”, he said.

He however pleaded for an amendment in the document, to accommodate it and make it legal.

“The states will not allow their monies to be taken; they will take us to Court, and we don’t joke with that”, the Accountant General disclosed.

AGF, pleaded with the House to make the Treasury Single Account legal and constitutional, for it to be more effective.