the Federal Government said the 36 state governors on Tuesday kicked against its plan to extend the repayment period of its budget support to state governments from 20 to 30 years.
It explained that the monthly repayment had reduced from N 252m to N 162m based on the extension.
The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, briefed State House correspondents at the end of the National Economic Council meeting chaired by Vice- President Yemi Osinbajo at the Presidential Villa, Abuja .
The minister was joined by governors Willy Obiano ( Anambra), Dapo Abiodun ( Ogun) , Abdullahi Sule ( Nasarawa) and the Minister of Health, Dr Osagie Ehanire at the briefing .
According to her, the state governors were still not satisfied with the repayment extension to 30 years.
She said the Federal Government had made the first and second months’ N252 m monthly deductions in September and October , based on the 20 years repayment period .
Ahmed explained that following the outcry of state governors , another repayment schedule plan extending the years to 30 and monthly repayment of N162 m was presented to NEC on Tuesday .
She said , “ The budget support facility was initially for 20 years repayment period . And when we made the first deduction in September , the states had complained that the amount deducted, which was N 252m , was too harsh .
“ So, since then, the Central Bank of Nigeria, who is the lender, has revised the condition to make the repayment period longer. And so the new repayment period is 30 years. And this means that the states will be paying N162 m monthly. But again today, the states still were not satisfied with the condition .
“ So, we are expecting that the Federal Ministry of Finance, Budget and National Planning , the CBN and the states will engage again with the view of having the CBN further revise the condition to reduce the monthly repayment burden. ”
The Federal Government had in August said a committee had been put in place to facilitate the recovery of N 614bn given to 35 states.
A total of 35 states benefited from the facility and each state is expected to pay back the equivalent of N17. 5bn .
The N 614bn was a conditional budget support provided by the CBN to help states pay salaries gratuities and pensions .
Ahmed on Tuesday also said as at October 22 2019 , funds in the Excess Crude Account stood at $324, 035,696 .29 , while stabilisation fund account was in the margin of N 28, 560, 710, 627.55 and the natural resources development fund account averaging N70 , 691 , 826 ,511. 84, respectively .
The Ogun State governor spoke on efforts by the Nigerian National Petroleum Corporation to check theft of petroleum products in the country .
He said NEC resolved to group issues of smuggling of PMS under illicit trade which might attract grave sanctions.
Abiodun said the report enabled government to arrive at a conclusion that the petroleum products smuggling , oil theft and all other form of ITPP were fuelled by some factors.
He said , “ These include access to illegal markets , high concentration of filling stations at border towns and lack of adoption of appropriate technology to monitor and track movement of assets .
“ The NNPC has proposed to the FG to set up a special task force on illicit trade in petroleum products to compliment the NNPC initiative towards the mitigation of PMS diversion and smuggling . ”
Ehanire presented a status report of diseases taking its toll on Nigerians.

source: https://punchng.com/govs-opposed-bailouts-n162m-monthly-repayment-plan-fg/

Our state governors are the quite useless.

They should shut the fuq up and pay their debt!

It shouldn't have been extended. They are looking for ways to evade payments

Most of the Governors misappropriated the funds, sitting Governors whose predecessor were the recipients will be more infuriated.

aolawale025:
It shouldn't have been extended. They are looking for ways to evade payments

They want to enjoy the money but to be absent for the payment

voltron14:
Our state governors are the quite useless.

Always have been for the large part of the last 20 years, just as the citizens who allow them to get away with governance inefficiency and looting.

FG, States, LGs Share N568.4 Billion for Oct
15 NOVEMBER 2013

Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that the states had requested for $2bn to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

Sai baba

It's only God that will bless buhari for me

Hhhhmm what is happening now is unbelievable, i only hear of this bailout fund in this regime,
in the past administrations, salaries where paid and things where moving on normally without federal intervention, things where chip and the country was without dept,
now the country and it states are running with huge amount of dept and the citizens are suffering and dead is everywhere, oh how do we come to this? Who do this to us? May God save us.

Useless Leaders

State Governors cant directly withhold LGA funds they so much depend on, wage bill has increased due to minimum wage, now they have relocated to abuja to hustle any money available

Funny how Local Government that do nothing, have now started gradding untarred road, digging gutter , bridges and covet all in a bid to loot local government allocation without getting EFCC on thier backs

..

So they want to extend the burden of their theft to posterity abi?

Pavore9:
Most of the Governors misappropriated the funds.

Which is why they should have been arrested for corruption, instead of being given more money to steal by the barawo in Aso Rock shouting that he is fighting corruption.

FG is now looking for people to hang their myopic debts weight upon.

No sense of reasoning

Lugianostar:
FG is now looking for people to hang their myopic debts weight upon.

No sense of reasoning

learn to comment with sense. .... if u don't understand,ask question b4 commenting foolishly

Between federal government and state government, who me our worst enemy in this country....
All of them just de tro blames to each other.
May God help us

Greedy azzholes

Bailout fund that has been embezzled would always be hard for these useless governors to repay .

Ask them what they spent the bailout for , they will start stuttering...

[quote author=johnmattew post=83580908]learn to comment with sense. .... if u don't understand,ask question b4 commenting foolishly[/quote

Ask a figure head a question is out of place boi

valentineuwakwe:
...

She said , “ The budget support facility was initially for 20 years repayment period . And when we made the first deduction in September , the states had complained that the amount deducted, which was N 252m , was too harsh .
“ So, since then, the Central Bank of Nigeria, who is the lender, has revised the condition to make the repayment period longer. And so the new repayment period is 30 years. And this means that the states will be paying N162 m monthly. But again today, the states still were not satisfied with the condition

What sort of nonsense is this? Were they not the ones that accepted the loans in the first place?

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Who is the only saint among the 36 state that didn't take the loan? Many of them didn't know that this day of repayment will come.

Who is the only saint among the 36 Governors that didn't take the loan? What is the percentage of interest? Many of them didn't know that this day of repayment will come. If they want extension then the interest should increase as the value of funds deprecates with time.

You always take loans with joy and laughter and pay with sadness and cries...

Its a normal thing...

And

So, the FG extended a 20-year loan to 30-years and the states are still complaining?

How many years do they want it extended to? 40? 50? 60?

It's ironic that the governors that will repay most of these loans are not yet born.

I wouldn't be surprised if their parents are still in kindergarten.

FG is now father Xmas.

This people




LET THE SUN PAY YOUR ELECTRICITY BILL.. CALL US NOW

DrKKK1:
Who is the only saint among the 36 state that didn't take the loan? Many of them didn't know that this day of repayment will come.

Only Obiano of Anambra that didn’t take the loan. Where’s the clown Delawal

U collected loan u will pay back in over 20years and embezzled it.

Nigerian politician's are very wicked

This country can never move forward with the kind of executive rascality and financial recklessness.

The period of repayment for those loans should not be more than four years, so that whoever that took those loans will repay during his tenure, and not passing the problem to other people.

The most painful part of the whole thing is that most of them looted the money without paying salaries, example is Kogi and Abia states, and now passing the burden of repayment to posterity by extending the loan from 20 to 30 years.

God, who use Nigeria pant do Yahoo.