The Minister of Finance, Kemi Adeosun, has
announced that the monthly disbursement of the
N90bn conditional loan facility to state
governments announced by the Federal
Government on June 14 will stop any moment the
allocation from the Federation Account Allocation
Committee exceeds N500bn.
According to her, funds had been made available
from the private sector through the issuance of
bonds.
The Special Adviser on Media to the Minister of
Finance, Festus Akanbi, who was responding to
an inquiry by Punch, said it would not be
financially sensible for loans to be disbursed in
any month that over N500bn was shared among
the three tiers of government.
He said once the monthly distributable revenue
was up to the threshold of N500bn, the amount
that would be available to each state government
that month would be enough to run its
programme.
Akanbi said, “The budget support facility, which is
conditional upon the implementation of the 22-
point fiscal sustainability plan, is not a bailout.
The implementation of the FSP is to be completed
over an 18-month period. Monthly disbursements
to each state will be conditional on compliance
with pre-agreed FSP milestones.
“The facility will cease to be available in the next
month if the distributable amount from the
Federation Account is equal to or exceeds
N500bn in any given month.”
He added that 35 states were in the process of
submitting the required documents for the
facility.

hinwazaka:
Quack, stop lying, you have no power to do that. You're just an ATM for OBJ.

mrvitalis:

What's wrong with u? ?
Are u a Nigerian??
They better u understand that there will be no other countries for u other than Nigeria the better for u