36 states and FCT hold N1.72tn outstanding budget loan to FG

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36 states and FCT hold N1.72tn outstanding budget loan to FG
36 states and FCT hold N1.72tn outstanding budget loan to FG

In the aftermath of the National Economic Council meeting on Thursday, it was revealed that the combined outstanding liability of the thirty-six states in the federation and the Federal Capital Territory to the Federal Government in budget support facilities stands at N1.72 trillion.

The State House disclosed this information in a statement.

A budget support facility, in this context, denotes a financial arrangement where a government provides funds or financial assistance to another entity, such as a state or region, to meet its budgetary requirements.

Breaking down the figures, the Federal Capital Territory is reported to owe N49,105,873,326.75, and each of the 36 states bears an equal debt burden, accumulating to a total of N1,718,705,566,436.25.

The report underscored that the Federal government halted the provision of budget support loans in July 2023, partially attributing this decision to the uptick in the federation’s revenues.

In a related development during the same National Economic Council meeting, Governor Yahaya Bello presented a memo outlining a roadmap for Flood Mitigation, Adaptation, Preparedness, and Response in Nigeria.

The council decided to declare a state of emergency during category 4 floods and allocated ecological funds to states and local governments.

However, there was disagreement within the council regarding the recommendation to establish an office for flood management.

The council asserted that the appointment of a special adviser on climate change by the President would adequately address this concern.