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11 states get N16.1bn budget loan from Buhari

11 states get N16.1bn budget loan from Buhari

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Eleven of the 23 states that have access to the federal government’s  budget support loan facility have received N16.1 billion as of January 2018.

The Senior Special Assistant to Vice President on Media and Publicity, Laolu Akande, stated this after a meeting of the National Economic Council.

Akande did not name the benefitting states, but said the remaining 12 would receive theirs soon.

He said five out of the remaining states had complied with the Fiscal Sustainability Plan and would be considered.

According to him, eight outstanding states are under consideration under the 22 point requirements of the Fiscal Sustainability Plan.

Akande quoted the Accountant-General of the Federation as putting the balance in the Excess Crude Account at $2.317 billion as of February 14; the Stabilization Fund Account, N11.2 billion; and the Natural Resources Development Fund, N123.6 billion.

READ ALSO: Katsina to get fresh N800m loan from Federal Government

It could be recalled that the Federal Government has approved N800 million budget support loan facility for each of 35 states of the federation.

The Minister of Budget and National Planning, Udoma Udoma, disclosed this yesterday while addressing State House reporters after a meeting of the National Economic Council chaired by Vice President Yemi Osinbajo.

Udoma said the Central Bank of Nigeria had been directed to release the money to the benefitting states.

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