FG Approves N28bn Budget Loan For 35 States

FG Approves N28bn Budget Loan For 35 States

FG Approves N28bn Budget Loan For 35 States

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.

He did not name the state excluded, but said governors expressed appreciation to the Federal Government for the restoration of the budget support loan facility for July and August.

The minister put the current balance of the Excess Crude Account as $2.3billion; the Stabilisation Fund Account, N6.6bn and the Natural Resources Development Fund Account, N100.3 billion.

Ondo State Governor Rotimi Akeredolu said the report of the forensic audit of revenue accrued to the federation account from 2010 to 2015 showed that there were possible under a remittances from certain agencies.

The governor said the NEC was also informed of questionable loans granted by some revenue-generating agencies.

He said out of the 18 agencies audited, work was completed on 13.