Vice President Yemi Osinbajo is to meet soon with representatives of state governors, the Minister of Finance, Budget and National Planning, and the Governor of Central Bank of Nigeria, CBN, in an attempt to resolve the disagreement over the repayment of the budget support facility obtained by the states.

This followed a disagreement between the governors and the CBN governor, Godwin Emefiele, at Thursday’s virtual meeting of the National Economic Council, NEC, presided over by the Vice President at the Presidential Villa, Abuja.

At the meeting, the Chairman of the Nigeria Governors Forum, NGF, and Governor of Ekiti state, Dr. Kayode Fayemi, had insisted that the governors wanted the loan repayment due in May to be deferred.

But the CBN boss, Emefiele insisted that the states should begin the repayment without future delay especially the monies owed to the banks.

Emefiele said there were challenges arising from delays particularly as it concerned auditing.

A statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, said “on the Budget Support Facility, state governors restated their request to defer the repayment of the loans, which was to have started this month. Ekiti State Governor, Dr. Kayode Fayemi, who is also Chairman, Nigeria Governors’ Forum, reported interactions with the Finance Minister and the CBN Governor regarding the matter.

“The CBN governor, Godwin Emefiele, also emphasized the importance of the timely repayment of loans, especially those owed to commercial banks, indicating the challenges inherent in a further delay in payment, including audit concerns. He said the repayment of the commercial loans should resume this month.

“In addition, the Vice President stated that he will be holding a meeting soon with representatives of the State Governors, the Finance Minister and the CBN Governor to resolve the issue raised.”

According to the statement, the Nigerian Sovereign Investment Authority (NSIA) recorded a 343% growth in total comprehensive Income totalling N160.06 billion in 2020 compared to N36.15 billion in the previous year and 33% growth in Net Assets, rising up to N772.75 billion from the previous N579.54 billion.

The statement reported that the Council held the Annual General Meeting (AGM) of the NSIA where reports and financial statements, including the audit were presented.

It said in particular, the Managing Director/Chief Executive Officer of the NSIA, Mr. Uche Orji, submitted that the NSIA achieved core income of N109 billion compared to N33.07 billion in 2019, excluding forex gains of N51 billion in 2020 and N1.29 billion in 2019.

The NSIA presentation noted that despite the challenges of COVID-19, it had a favourable year owing to strong performance from its investments in international capital markets, improved contribution from associates, as well as exchange rate gains from foreign currency positions.

In response to COVID-19, the NSIA partnered with Global Citizen, a not-for profit group, to form the Nigeria Solidarity Support Fund (NSSF), acquired and distributed oxygen concentrators to 21 teaching hospitals as part of its Corporate Social Responsibility; in addition to staffing support to the Presidential Taskforce on COVID-19 towards combatting the pandemic.

Other major milestones reached by the NSIA were recorded across domestic infrastructure projects, specifically in roads, agriculture, healthcare, technology and gas industrialization.

NEC also received a presentation on the Digital Switch Over (DSO) by the Minister of Information and Culture, Alhaji Lai Mohammed. He stated that it was the International Telecommunications Union, ITU, that decided on member states switching off analogue television transmission to ‘go digital’.

The DSO will be taking off first in Lagos, Kano and Rivers States, he stated.

According to him, the National Broadcasting Commission (NBC) and the DSO Ministerial Task Force are tasked with ensuring that Nigeria ‘digitizes’ and develop a public information and awareness campaign to inform citizens about DSO/FreeTV.

The Minister disclosed that the switch-over has a revenue generation potential of N20 billion annually; and that the funds will enable the NBC support and upgrade DSO initiative, as well as fund local producers.

The Council also received an update on Nigeria’s response to the COVID-19 pandemic by the Director-General of the Nigeria Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu.

According to the DG, NCDC, in the last two months, there has been reduction in the number of cases globally, stating that even India has also experienced reduction in its infection rates in the last five days.

He added that in Nigeria, the total number of cases as of yesterday, May 19, 2021, was 165,809, while the number of cases tested was 2,002,653, with 7,323 active cases. It was also disclosed that discharged cases were now 156,419, while there had been 2,067 deaths.

According to the NCDC boss, the “transmission rate in the country is low,” adding that attention is now on tracking the new B1.617.2 variant from India. He said there are only three such cases identified in Nigeria so far.

He added that focus should remain on the protocols to stop the spread of the virus, while the health authorities and agencies will keep an eye on tracking the Indian variant. Governments and leaders in the society are also urged to discourage pandemic fatigue and stick to the COVID-19 safety protocols.

The Minister of State for Budget and National Planning, Mr. Clem Agba, gave the Council the monthly update on Excess Crude Account, Stabilization Account and Development of Natural Resources Account, with balances as at 18th May 2021 standing at $72,413,574.70, N24,741,213,941.88 and N23,650,579,140.23, respectively.

Hotshisha:
VP Osinbajo must keep shut on this with all due respect


Governors must pay back this loans and bail out funds

That Obaseki must payback every penny FG gave him, especially before Edo election

Hell Rufai must pay since he is busy sacking innocent workers

TheRareGem1:


The same VP that is taking the charge in the matter should keep shut... Abeg if you no read the context, your comment is useless. No offence v

“In addition, the Vice President stated that he will be holding a meeting soon with representatives of the State Governors, the Finance Minister and the CBN Governor to resolve the issue raised.”

Dduce12:
The Best VP of all time

Koryc:
Governors should comply

PeaceJoyLove:
Lol

These governors plan to shift the loan repayment to the person taking over from them. Kayode Fayemi is leaving office soon no wonder he wants deferment. These people just get loan without any strategic plan of returning them. Same with all loans given out to individuals in Nigeria. Lol. All is national cake.

Terrible people.

BigBelleControl:
The governors are taking their cues from the FG who are known to be chronic debtors.

PeaceJoyLove:


Let me tell you something. Central Bank of Nigeria grants loans to all sectors. These loans are disbursed through micro finance banks. The policy is it must be a single digit interest per annum. So, the highest one pays is 9% per annum.

One guy approached me to help him with business plan to apply, and I did. All for him to tell me to be a guarantor for the loan. Of course, I didnt mind at first. I made a 5 million naira plan and he said his contact in the micro finance bank asked him to make it N10 million request. I was shocked. "But you don't need up to that amount", I told him. And then he started telling me that his contact will deduct 1 million naira for himself from it as bribe, meaning he is left with N9 million. I was shocked. These are same Nigerians complaining they cannot pay commercial banks 20% after one year. But can pay 10% of the loan upfront before taking the loan, and then carry over 9% compound interest. Nigerians like people who will exploit them. The term "national cake" is loud in most financial organizations.

I made further research and realised that these loans are not paid back. Osinbajo is just wasting his time formulating useless strategies and granting loans here and there. This is why Buhari is going back to collect more loans when he has no way to check what he is spending. This Buhari is a curse. I pray the next president is not APC so Buhari can be jailed. The man is highly incompetent. Buhari needs to be jailed again. Imagine people are praising IBB for kicking him aside in 1985, and even blaming him for not blowing his head off with Ak47 so we dont face this calamity called Buhari again. I think IBB messed up. By now, Buhari should be manure for our crops instead of this problem we are in.

Bro, Nigeria is seriously bleeding. The person who takes over after Buhari is in serious problem. This Buhari has finished Nigeria. I am telling you. It is not that bad under Jonathan. Buhari is a cur.se to Nigeria

TheRareGem1:
State Governors are our problem in this country, you were given Paris club for instance to pay workers salaries but many of you refused to pay them, you seek for loans In commercial banks, you refused to pay, what kind of leaders are you people. And you expect common Nigerians who received koan from government to pay? Lead by example! However, I like how VP Osinbajo approach it professionally, to avoid rowdiness in his meeting, "I will soon have a meet with the rep of state governors, finance minister and the CBN on how to balance the angle". No side taken.