Federal Government to 35 State Governors: Return the N614bn bailout fund you collected

Federal Government

The Federal Government has asked states governors to return the N614bn bailout fund it offered to 35 states under the National Budget Support Loan Facility.

Only Lagos State during the administration of her immediate past Governor Mr. Akinwunmi Ambode FCA did not collect the bailout fund.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said this last Thursday, noting that, each of the governors of the states would return N17.5bn each.

Speaking with newsmen after a meeting of the National Economic Council in Abuja, Ahmed said, “The Honourable Minister of Finance briefed NEC on the progress of how the Federal Government had made a total of over N614bn available to 35 states, being N17.5bn each.

Council agreed to constitute a team from the Nigeria Governors’ Forum to meet with the CBN and the Ministry of Finance to finalize modalities for commencement of repayment.

Federal Government

The minister, who also gave an update on the 2020 budget, stated that the last 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 being faced by the government at the moment.

Ahmed also gave an update on the balance in the Stabilisation Account and Natural Resources Development Fund, which she said stood at $95.3m as of August 20

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