Naija News

Nigerian govt explains deductions from states

The Minister of Finance, Budget and National Planning, Zainab Ahmed, says deductions are being made from states for the Budget Support Facilities given by the Federal Government.

Zainab disclosed this while briefing State House correspondents after the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa.

She said the repayments were being made to the Central Bank of Nigeria (CBN).

“We have an update to the council on the repayment process for the Budget Support Facilities that was granted to the states.

“The current situation is that deductions are ongoing and remittances on these facilities are being made to the CBN.

“For the Excess Crude Account, as at Nov. 19, we have a balance of 324.98 million dollars.

“In the Stabilisation Account, as at Dec. 17, we have a balance of N30.5 billion; in the Natural Resource Fund, still at the same date, Dec. 17, we have the balance of N88.3 billion,” she said.

The Federal government had resolved to recover N614 billion loan facility from 35 states of the federation.

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