Implementation of 2020 Budget from January sacrosanct — FG

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

Zainab disclosed this while briefing State House correspondents at the end of the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

According to the minister, the repayments were being made to the Central Bank of Nigeria (CBN).

Ahmed said: “We gave 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.’’

She said the ministry also reported to the Council on the balances of some key accounts.

The minister added: “For the Excess Crude Account, as of November 19, we have a balance of $324.98 million.

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

She said the federal government had resolved to recover the N614 billion loan facility from 35 states of the federation. (NAN)



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