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FG to recover N614bn budget support to states

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The Federal Government has begun moves to recover the sum of N614 billion advanced to 35 States as budget support facility.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this at the end of the National Economic Council (NEC) meeting, presided over by the Vice President, Prof. Yemi Osinbajo, on Thursday in Abuja.

Briefing State House Correspondents at the end of the NEC meeting, she said her ministry reported to the council an update on the budget support facility to states.

She said: “As at today, the budget support facility advanced by the Federal Government to the states, is a total sum of N614 billion and this is to 35 states.

“This means an equivalent is N175 billion per state. Council agreed. Council agreed to constitute a team of the Nigeria Governors Forum (NGF), Ministry of Finance and the Central Bank of Nigeria (CBN), to finalize modalities to commence repayment of these facility to the Central Bank.”

The Minister also revealed the balances on two special accounts; the Stabilization Fund Accounts and Natural Resource Development Fund, which has combined balance of $95,329,245 million, as at 20th August.

Ahmed said: “The Stabilization Fund Account has a balance of N21,729 billion and the Natural Resource Development  Fund has N95,896 billion.”

She further added that the Adhoc Committee on Excess Crude and other special accounts of the federation, requested for an extension to finalize its report and report to NEC meeting. 

 

Persecond recalls that Osinbajo, had disclosed that the Muhammadu Buhari led administration has in the past three years, intervened through loans, bailouts and Paris Club refunds to states to the tune of over N1.1trillion.

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