Buhari Approves Fresh Budget Support For States

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President Muhammadu Buhari
President Muhammadu Buhari
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PRESIDENT Muhammadu Buhari has approved another budget support loan facility for states in the country.

Minister of Budget and National Planning, Udoma Udoma, revealed this while briefing State House correspondents on the outcome of the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo on Thursday.

He said news of the approval of the facility was conveyed to the council by the Accountant General of the Federation, saying that each of the states will receive N800million.

He said the Central Bank of Nigeria (CBN) has already been directed to pay the money.

It is the latest in the series of budget loan facility extended to the states by the federal government.

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The minister said: “The Accountant General reported to Council that approval has been received and CBN has been directed to pay N800 million to each of the 35 States of the Federation.

“Governors expressed appreciation to the Federal Government for the restoration of the Budget Support Loan Facility for July and August 2017.”

Udoma also said that the Excess Crude Account (ECA) as at November 17, 2017, stands at $2,309,693,583.35 while the Stabilization Fund balance as at November 17, 2017 stood at N6,689,072,836.11

Similarly, he said that Natural Resources Development Fund Account balance as at November 17, 2017 stood at N100,314,169, 190.23.

Also speaking, Governor of Ondo state, Rotimi Akeredolu, gave the Interim Report on the Forensic Audit of revenue generating agencies into the Federation Account, Excess Crude Account and Consolidated Revenue Fund.
The audit covered the period from 2010 May 2015.

He said Council was informed that there were possible under remittances from certain Revenue Generating Agencies to the Federation Account among others.

He added that Council was also informed of questionable loans granted by some of the Revenue Generating Agencies.

According to the governor, out of the 18 Agencies in which forensic audit was conducted the Committee completed work on 13 Agencies, two ongoing and three are not revenue generating.

He revealed that Council directed the Committee to conclude its report under four weeks and report back to Council at the next meeting.

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