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Zainab Ahmed
Zainab Ahmed
Politics

FG To Recover N614 Billion Outstanding Debt From 35 States

Austin Papi

The Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the State House correspondent on Thursday that the federal government is set to recover a N614 billion loan procured by 35 states of the federation.

The minister made this revelation while briefing State House correspondents and newsmen on the outcome of the meeting held by the National Economic Council (NEC), which was presided over by the Vice-President, Yemi Osinbajo, at the State House in the federal capital territory, Abuja.

Mrs. Ahmed explained that each of the 35 states involved received an amount of N17.5 billion as bail out from the federal government for the funding of basic infrastructures and maintenance of state amenities.

“The Minister of Finance briefed NEC on the progress of the facility detailing how the federal government has made a total of over N614 billion available to 35 states being N17.5 billion each.

“Council agreed to constitute a team from the Nigerian Governors Forum to meet with the CBN and Ministry of Finance to finalise modalities for commencement of payment,’’ she said.

She also gave the assurance that the council had already agreed to organise a team to monitor the progress and ensure the finalising of "modalities for commencement" of repayment of the loan facility.

The team, according to her, would be constituted from the Nigerian Governors Forum to meet with the Central Bank of Nigeria (CBN) and Ministry of Finance