Abuja – Federal Government has continued in its bid to recover all funds loaned to states, as budget support facility.

So far, it has netted in N29billion already from the N614 billion given to states when the country plunged into recession a few years ago.

With the latest remittances, the states are now indebted to the federal government to the tune of N585billion.

Recall that except for Lagos state, 35 states of the federation accessed loans from the federal government coffers to meet wage demands between 2015 and 2016.

The Minister of Finance Budget and National Planning, Zainab Ahmed had last year stated that the government was bent on recovering all the bailout funds given to them on an installment basis, but some states are believed not to be favourably disposed to the amount being deducted, with some describing it as excessive.

Their grievances were echoed when they emerged from their regular Nigeria Governors Forum (NGF) monthly meeting in Abuja last week.

Clement Agba, Minister of State for Finance, Budget and National Planning had after the National Economic Council meeting chaired by Vice President Yemi Osinbajo, told State House correspondents of the development, saying out of the N614 billion we have so far recovered N29billion.

But the indebted governors are insisting that there should be a review of the repayment plans, even though the high deductions have not stopped the benefiting states from honoring their obligations to repay.

https://www.independent.ng/bailout-funds-indebted-states-remit-n29bn-into-fgs-coffers/

We must pay our debt! It will teach us to borrow wisely in future, and teach us the electorate to hold the borrowing government accountable when they loot the borrowed funds!

budaatum:
We must pay our debt! It will teach us to borrow wisely in future, and teach us the electorate to hold the borrowing government accountable when they loot the borrowed funds!

Well said.

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wasteful characters

This debt profile exposed most APC states as non performing. Check it .

I have always said that its not about party. These parties as same.

They want the loan tenor to be extended to their post-tenure period. Ndi oshi

Forcing them to pay their debts would make them sit tight and think of how to generate more incomes for their respective states

valarmorghulis:


Recall that except for Lagos state, 35 states of the federation accessed loans from the federal government coffers to meet wage demands between 2015 and 2016.
Lagos is apc, the only state that is not owing fg

Are you following this report now? Please check the debt owed by each state. Do a research on it please. And don't tell me Lagos. No party will rule Lagos and borrow from federal govt.

SpecialAdviser:


Are you following this report now? Please check the debt owed by each state. Do a research on it please. And don't tell me Lagos. No party will rule Lagos and borrow from federal govt.

I did not say Lagos state isn't in debt, my comment is about this topic