The Federal Government has unfolded its plan to recover the ₦614 billion bailout fund it’s offered to 35 states under the National Budget Support Loan Facility.
Mrs. Zainab Ahmed, the Minister of Finance, Budget and National Planning disclosed this on Thursday after the meeting of the National Economic Council in Abuja, saying each state is expected to refund ₦17.5 billion.
The meeting was presided over by the Vice-President, Prof. Yemi Osinbajo at the Presidential Villa and attended by state governors.
Ahmed explained that, upon receiving a briefing on the matter, the NEC agreed to set up a team which should comprise the Governors forum and her ministry to meet with the Central Bank of Nigeria to work out on the repayment modalities.
Addressing the meeting, the Honourable Minister of Finance briefed NEC on the progress of how the FG had made a total of over ₦614bn available to 35 states, being ₦17.5bn each.
Saying, the Council agreed to constitute a team from the Nigeria Governors’ Forum to meet with the CBN and the Ministry of Finance to work out modalities for commencement of repayment.”
Subsequently, the minister gave an update on the 2020 budget, stating that the fourth week of September was set for the presentation of estimates to the National Assembly.
She added that the council was briefed on preparations for the 2020-2022 Medium Term Expenditure Framework/Fiscal Strategy Paper and the revenue generation challenges that is being presently faced by the government.
Consequently, some Governors were jittery on the ground that they are not comfortable with the status co lamenting that they are yet to clear the salary arrears talk less of the new national minimum wage of ₦30 000 that is around the corner.