The Federal Government has approved a fresh budget support loan facility for 35 states across the country.

Each of the states will get N800m, totalling N28bn to meet their salaries and other obligations.

The Minister of Budget and National Planning, Udoma Udoma, disclosed this to State House Correspondents on Thursday at the end of a meeting of the National Economic Council presided over by Vice-President Yemi Osinbajo at the Presidential Villa, Abuja.

Udoma said the Minister of Finance, Mrs. Kemi Adeosun; and the Central Bank Governor, Godwin Emefiele, had been directed to effect payments.

Udoma said the Accountant General of the Federation reported to Council that approval had been received and CBN had been directed to pay N800 million to each of the 35 states of the Federation.

Only Lagos State is not taking the loan.

The minister said, “The Accountant General reported to the council that approval has been received and CBN has been directed to pay N800m 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.”

Adeosun also informed the council that the country recorded the highest amount of Value Added Tax in October with over N89bn.

She added that the target was N120bn monthly.

On monthly was assets and declaration scheme, she said there was progress and the list of 500 Nigerians who are believed to have under declared their assets had been obtained.

The scheme will offer amnesty to all tax defaulters.

The Executive Vice-Chairman of the National Agency for Science and Engineering Infrastructure was also said to have briefed the council about an homegrown proposal to the Independent National Electoral Commission for the replacement of the card readers in the conduct of elections in the country.

The proposal is a made-in-Nigeria “Solar-Powered Electronic Voting System” to effectively mitigate current electronic woes.

The same proposal which has already been presented to INEC is also expected to be presented to the National Assembly.

The balance in the Excess Crude Account as of November 17 was put at $2,309,693,583.35, while the Stabilisation Fund Account was put at N6,689,072,836.11.

The balance in the Natural Resources Development Fund stood at N100,314,169, 190.23 as of November 17, 2017.

The council also discussed the audit of revenue generating agencies.

The NEC was informed that some of the agencies granted some “questionable loans.”

Out of the 18 agencies that were audited, the committee had completed work on 13 agencies; work is still ongoing in two while three are not revenue generating.

The 13 agencies where work has been completed include NIMASA, NNPC, NPA, FIRS, NPDC and DPR.

The two outstanding are Nigeria Customs Service and NCC.

Osinbajo, however, directed the committee to conclude its report under four weeks and report back to council at the next meeting.

Udoma also briefed the council on the growth being experienced in the economy.

He said, “Signs of recovery had been observed since Q3 2016 and the recovery consolidated in Q3 2017 with GDP doubling to 1.40 per cent Non-oil GDP contracts in Q3 2017 by 0.76 per cent after growing in Q1 R Q2 2017.

“While the Services sector is still in the negative, the Manufacturing Sector grows negative in Q3 2017 also.

“Due to high inflationary pressures Household consumption expenditures remain constrained, though it appears such pressure is easing. Headline inflation has declined since January reflecting tight monetary policy. Food price increases have remained persistent but slowing down.

“The total value of capital importation at the end 2017 of Q3 stood at $4.14bn (131.3 per cent growth year on year).”

Source:- http://www.exclusivepp.com.ng/fg-okays-fresh-n28bn-budget-support-35-states/

Wow Only Lagos didn't want the loan. The states need to find ways to either reduces staff cost and raise revenue. It doesn't make sense to have a huge debt burden on basic salaries.

The rest of economic report is mixed bag. The GDP growth just an induced oil recovery for right now. The non oil sector sector is negative and households are hurting with inflation pressure.

On monthly was assets and declaration scheme, she said there was progress and the list of 500 Nigerians who are believed to have under declared their assets had been obtained.

Interesting this better include their businesses. That's tiny amount considering there's millions of us. After this program ends the government should throw book at rest.

The balance in the Natural Resources Development Fund stood at N100,314,169, 190.23 as of November 17, 2017.

Cool put it to work. My humble suggestion would be looking for bauxite. Then work toward integrated aluminium industry grow GDP by $1 billion dollars.

Lazy ass leeches caked states

Pure waste of money,they'll use it for Xmas

.

“The total value of capital importation at the end 2017 of Q3 stood at $4.14bn (131.3 per cent growth year on year).”

This is very interesting considering the economic growth was small. It seems business still heavily investing to improve productivity. It's a good sign. The only question I have is which sectors are importing most.

Front Page: lalasticlala

Rochas go build more statutes with this money IMO guys don enter one chance

Samusu:
Lazy ass leeches caked states

Lol the governors elected buy this states are brain dead without the slightest idea what governance is all about dey just stay in the government house for 8yrs build 2km of road call the media for praise singing no effort made at economic development of the state and after their tenure is over they move to Lagos to continue their business from the state treasury they've looted

darfay:


Lol the governors elected buy this states are brain dead without the slightest idea what governance is all about dey just stay in the government house for 8yrs build 2km of road call the media for praise singing no effort made at economic development of the state and after their tenure is over they move to Lagos to continue their business from the state treasury they've looted

A lot of the citizens have no standards. After all the cash collected we still hear people are being owed.

Ps: I wonder why this didn't make front page but threads giving bits and pieces of information this thread stated did.

Blue3k:
Wow Only Lagos didn't want the loan. The states need to find ways to either reduces staff cost and raise revenue.

Deomelo and mapèt don't think so unfortunately.

Blue3k:


A lot of the citizens have no standards. After all the cash collected we still hear people are being owed.

Ps: I wonder why this didn't make front page but threads giving bits and pieces of information this thread stated did.

Nl is a business. If a hot news is broken down into bits and taken to FP it will attracted more traffic.

darfay:


Lol the governors elected buy this states are brain dead without the slightest idea what governance is all about dey just stay in the government house for 8yrs build 2km of road call the media for praise singing no effort made at economic development of the state and after their tenure is over they move to Lagos to continue their business from the state treasury they've looted

Osun state took it to next level by over-borrowing such that it is eating into salary. I hope oil dries up today.

I hope they give nothing to Rochas (except the award for best statue builder)

When dat ipob man said nigeria is a zoo, we yab am

another fresh money to be looted and kept for upcoming elections, all the formal supports have not yielded good results to the citizens. The FG needs to look at other alternatives of making sure this money are judiciously utilized.

For how long shall we continue like this?

Rochas right now, more statue fall on me.

Sharing excess crude money and be claiming support, this govt and propaganda ehn!

800million each?

More money
More wives

Xmas loading. Weldon sirs

Goons media crewz:
https://www.youtube.com/watch?v=uiT0-76lhzk

Instead of some people stealing the money on top, send it down so some other person steal it.

The money has to be stolen.

Instead of us blaming PMB for everything why can't we hold our governor's accountable
? FG is trying walahi

Udom don get money for 2019 election

Someone will still condemn the government for doing nothing. You know how many families will smile and have food on their tables this Christmas after month of frustration?

I keep saying it, the governors are responsible for the rots in states, and they should be held accountable by the people. But we only choose to blame the centre for all the ills.

What I don't understand is this, the Federal government keeps bailing States out! People keep insulting the Federal government! So what has most of the States been doing with all the Money they get as we can see that Lagos State rejected the money. So why are Nigerians also not attacking State governments and making them accountable?

FG is giving Room 4 this governor's to steal d more without generating anything for the FG

Good
Ki awon gomina maa miliki









Useless states