FG To Recover N614bn Budget Support Given To 35 States

The federal government led by President Muhammadu Buhari is making moves to recover N614 billion given to 35 states as a budget support facility.

YaahooJournalist reports that the finance minister, Zainab Ahmed, disclosed this at the end of the national economic council (NEC) meeting on Thursday.

This online news medium understands that the meeting was presided over by Vice-President Yemi Osinbajo at the council chambers of the presidential villa in Abuja.

The finance minister said the council agreed to constitute a team that would help to finalise modalities to commence repayment of these facility to the Central Bank of Nigeria (CBN).

Her words: “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,” she said.

“This means an equivalent is N17.5 billion per state. 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 disclosed the balances on two special accounts — the stabilisation fund and natural resource development fund.

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