FG approves N28bn loan for 35 states

By Lawrence Olaoye

The Federal Government has approved a sum of N800 million budget support loan facility for each of 35 states of the federation, amounting to N28 billion .
The Minister of Budget and National Planning, Udo Udoma, who briefed newsmen after the monthly National Economic Council (NEC) chaired by the Vice President, Yemi Osinbajo, yesterday quoted the Accountant General of the Federation, Ahmed Idris, as disclosing this to the Council.
Udoma said governors thanked the Federal Government for the restoration of the budget support loan facility for July and August.
The minister said the accountant general also told the council that the balance of the Excess Crude Account was $2.3bn as of November 17.
He also put the Stabilisation Fund Account at N6.6bn and the Natural Resources Development Fund Account, N100.3 bn.
Also briefing newsmen, Ondo state governor, Rotimi Akeredolu, said the Committee on Forensic Audit of Revenue Accrued into Federation Account, Excess Crude Account and Consolidated Revenue Fund, chaired by Gombe state governor, Ibrahim Dankwambo, submitted its interim reports to the Council.
He said “Council was informed that there were possible under remittances from certain revenue generating agencies. Council was informed of questionable loans granted by some of the revenue generating agencies.”
He added “Out of the 18 Agencies in which forensic audit was conducted, the committee completed work on 13 agencies, 2 ongoing and 3 are not revenue generating. The 13 include: NIMASA, NNPC, NPA, FIRS, NPDC, DPR etc. The 2 outstanding are Customs Service and NCC.
Council directed the Committee to conclude its report under 4 weeks and report back to Council in the next meeting.”