NEC raises c’ttee to review modalities for states’ repayment of FG’s budget facility

To provide further financial succor for states regarding repayment of the Federal Government’s budget support facility, the National Economic Council (NEC) yesterday decided to review the Central Bank of Nigeria’s (CBN) plan to commence deductions from state governments’ share of the monthly federal allocations.    The NEC, at a meeting chaired by Vice President Yemi […]

To provide further financial succor for states regarding repayment of the Federal Government’s budget support facility, the National Economic Council (NEC) yesterday decided to review the Central Bank of Nigeria’s (CBN) plan to commence deductions from state governments’ share of the monthly federal allocations.   

The NEC, at a meeting chaired by Vice President Yemi Osinbajo, resolved to set up a committee with representatives of the Federal Government and the states to review the matter.     Osinbajo said, “Bearing in mind all of the financial difficulties, we take the position to review the plan to commence the deduction for the loan.”

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The council resolved that representatives of the Governors’ Forum, the CBN and the Ministry of Finance, Budget and National Planning, among others, meet to review modalities for the imminent deductions of funds from states.   

It noted that the decision was in consideration of current difficulties experienced by state governments in fulfilling their financial obligations.       The council also endorsed the revised National Social Protection Policy presented by the Minister of Finance, Zainab Ahmed.  

The policy will go to the Federal Executive Council and from there to the National Assembly.    When passed, the new policy will replace the 2017-2022 National Social Protection Policy.   

The minister said the policy “was reviewed in consultation with all states and other stakeholders and it is to be subjected to review every five years for update and accommodation of some emerging issues including pandemics, insecurity and shock responsive social protection as well as new institutions.”     

The NEC also resolved to constitute a committee of the Federal Government and state governors to liaise with other relevant stakeholders to find immediate and long-term solutions to flooding problems across the country.