FG approves N800m for each state as part of Budget Support Loan Facility

Another bailout is heading towards Nigerian states from the Federal Government.
President Muhammadu Buhari has approved the release of N800 million for each of the 36 states of the federation as part of the Budget Support Loan Facility.
The Minister of Budget and National Planning, Udoma Udo udoma, stated this when he briefed State House correspondents, alongside Governor Rotimi Akeredolu of Ondo, on the outcome of the meeting of the National Economic Council (NEC) in the Presidential Villa, Abuja, on Thursday.
Udoma said the Accountant General of the Federation reported to the Council that approval for the payment of the amount had been received by his office and the Central Bank of Nigeria (CBN) had been directed to pay the money to the states.
“Governors expressed appreciation to the Federal Government for the restoration of the Budget Support Loan Facility for July and August 2017,” he said.
He said the Accountant General also informed the Council that the balance in the Excess Crude Account (ECA) as at November 17 stood at $2,309,693,583.35 (Two Billion, three Million)
He said the Council was also updated on the balance of the Stabilisation Fund Account (SFA), which, as at November 17 stood at N6,689,072,836.11 ( Six Billion, Six Million)
The Minister said the balance of the Natural Resources Development Fund Account stood at N100, 314, 169, 190,23 as at November 17.

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