• Home
  • News
    • National News
    • State News
  • Business
  • Features
    • Insight
    • Opinion
  • FAAC
  • Financial
    • Facts & Figures
    • Monetary
    • Tax Matters
  • Sidelines
  • Profile
  • Special Focus
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
Monday, June 5, 2023
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Economic Confidential
  • Home
  • News
    • AllNational NewsState News
      President Bola Ahmed Tinubu and wife, Oluremu Tinubu

      48 Hours After Assuming Office, Tinubu Yet to Make Official Appointments

      Founder of FCMB, Late Chief Olasubomi Balogun

      FCMB Founder, Subomi Balogun, is Dead

      VP Elect, Kashim Shettima Inspecting a School in 2017

      VP-Elect Shettima Inspecting School Project, Not Meeting with Bandits in Video,…

      Nigerian Customs Service, NCS

      NCS Intercepts 2,428 Litres of Petrol

  • Business
    • Asiwaju Bola Ahmed Tinubu

      Subsidy Removal: We must do Soul-Searching on Minimum Wage – Tinubu

      nigeria celebrity endorsement mtn airtel, etisalat, glo

      Telcos Issue Banks Disconnection Notice over N120bn USSD Debt

      Inflation: Nigerians’ Household Consumption Declines in 2022 – NBS

      Reps Approve $700m Disbursement Fund to Maritime Operators

      Nigerian Customs Service

      World Bank, Customs Partner to Improve Trade Compliance

  • Features
    • AllInsightOpinion
      Asiwaju Bola Ahmed Tinubu

      The Person Needed for President Tinubu’s NSA By Yushau A….

      Fuel Subsidy

      Fuel Subsidy: The Genesis and Nemesis, by Adedamola Adetayo

      President Bola Ahmed Tinubu

      President Tinubu: Please Review Subsidy Removal, by Aliyu U. Tilde

      IMPR Ladies in Zambia for the Award

      TRAVELOGUE: The Emotional Rollercoaster to APRA 2023 in Lusaka By Nafisat…

  • FAAC
    • FAAC

      Akwa Ibom, Rivers, Delta Lead As States Share N9.3trn In Three…

      FAAC

      FAAC: FG, States, LGAs Share N722.677 for February

      FAAC

      Kano, Lagos, Get Massive Share As LGs Share N2trn

      FAAC

      FG, States, LGCs Share N990.189bn In Dec 2022

      FAAC

      FAAC Shares 902.053 billion for November

  • Financial
    • AllFacts & FiguresMonetaryTax Matters

      Reps Bill: RMAFC to Probe Illegal Salaries

      President Bola Ahmed Tinubu

      Tinubu Inherits Over N16trn Uncompleted Projects

      Director General of DMO, Patience Oniha

      DMO Canvasses Revenue Growth, Spending Cuts

      Insurance

      Insurance Sector Shrinks By 7% Over Cash Crunch – NBS

  • Sidelines
    • Saliu Mustapha

      Visit Kwara: Saliu Mustapha Pens Foreward For New Book Spotlighting Kwara…

      Apple Data Breach: Marketing Strategy or Security Issue

      Dangote-BUA Sugar Scarcity Feud

      Google: Expanding 2-Step Verification Enrollment

      SAEMA Awards 2021: Submit Nominees for Security and Emergency Management Awards

  • Profile
    • PHOTOS: PRNigeria Ladies Bag Double 2023 SABRE African PR Awards in…

      Yusuf Alli @60: Unveiling an Investigative Journalist Par Excellence

      Pantami’s grand exposés on Cybersecurity and the Datafication of Society

      The Inimitable Kongi at 88

      The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo

      Adeniyi Adebayo: Unsung, Silent Strides in Economic Diversification

  • Special Focus
    • imported Foreign Rice

      REVEALED: How Illicit Rice Importation is Threatening FG’s Agricultural Sector Interventions

      An abandoned mining site in the Barkin Ladi area of Plateau state

      Abandoned mines: A Danger to Communities Across Nigeria

      Maraba Takushara Community

      SPECIAL REPORT: Maraba Takushara, an FCT Community Under Siege… So Close…

      Yahaya Bello’s Health Initiatives: Building Nigeria of his Dreams in Kogi

      Model Science Secondary School: Yahaya Bello’s Gift to Future Generations

Home Financial States’ Cash Cruch: CBN Kicks As Govs Beg FG To Postpone $2.1bn...
  • Financial

States’ Cash Cruch: CBN Kicks As Govs Beg FG To Postpone $2.1bn Support Repayment

By
Economic Confidential
-
April 23, 2021
Godwin Emefiele CBN-Governor
FIRS

States’ Cash Cruch: CBN Kicks As Govs Beg FG To Postpone $2.1bn Support Repayment

 

 

 

 

State governors on Thursday at the monthly meeting of the National Economic Council appealed to the Federal Government to postpone the repayment of the $2.1bn budget support facility to states which was scheduled to resume in May.

But the Governor of the Central Bank of Nigeria, Godwin Emefiele, kicked against the appeal and enumerated the technical challenges involved should there be a further postponement of the deductions.

The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, disclosed these in a statement issued at the end of the council’s meeting presided over by Vice-President Yemi Osinbajo.

Akande said the Vice President thereafter directed that a meeting be held where the issue would be properly considered and a decision reached.

For long, Nigerian states have been depending on federal allocations as a result of low Internally Generated Revenues.

The situation had been made worse with crash in revenues realised from the nation’s major export – crude oil.

As a result, most states had resorted to borrowing with a recent report by the Fiscal Responsibility Commission indicating that the subnational governments had overstepped their limits.

The report said, “It can be deduced that all the 36 states and the FCT exceeded the Debt Management Office threshold of 50 per cent.

“Lagos State accounted for the highest Debt-to-Total Net Revenue as at the end of 2019, with 712.94 per cent. Osun State came second with 650.94 per cent Debt-to-Total Net Revenue. While Cross River and Ogun States were third and fourth with 597.36 per cent and 402.30 per cent respectively.”

The statement read, “On the budget support facility, finance minister observed that the deductions for repayment by states are meant to resume in May.

“The governors however requested for an extension considering the economic challenges in the states.

“The central bank governor explained the technical challenges involved should there be a further postponement of the deductions.

“The Vice President then directed that a meeting be held soon after today’s NEC where the issue would be properly considered and a decision reached.

“The VP will chair the meeting and the governors will be represented by Governor Kayode Fayemi, while the finance minister and the central bank governor both of whom attended the meeting today will also participate.”

Akande said the council also received a presentation on the current status of water, sanitation, and hygiene services level across the country as revealed by the 2019 WASH National Outcome Routine Mapping survey jointly carried out by the Ministry of Water Resources and National Bureau of Statistics in collaboration with UNICEF.

He said the survey revealed among others that 28 out of 36 States plus FCT have urban water utilities out of which only 16 are functional and producing water for the people.

“The functional 16 state water agencies have a total number of 1,171 water works of which 41 per cent is operational,” he said.

He said the Minister of Aviation, Hadi Sirika, also made a presentation on National Aviation Infrastructure Development Plan.

The minister was qouted as listing his ministry’s key performance indicators to include concession of four international airports – Lagos, Abuja, Port Harcourt and Kano; implement a plan for effective maintenance and optimal use of all airport facilities across the country; and ensure and facilitate the establishment of a national carrier among others.

Akande said the council resolved that the minister should make available copies of the presentations to states so that the council would have a fuller understanding.

He said the council also received presentation on progress report on rail development from the Minister of Transportation, Rotimi Amaechi.

He qouted the minister as listing the key challenges to include inadequate funding, operational challenges, security and legal issues.

Akande added that the Minister of Finance, Budget and National Planning, Zaynab Ahmed, gave the update to council on the different accounts as of April 22 as Excess Crude Account – $72.41m; Stabilisation Account – N23. 3bn; and Natural Resources Development Account -N77.74bn.

digital marketing guest blog

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

PRNigeria.com
EconomicConfidential.com
PRNigeria.com/Hausa
EmergencyDigest.com
PoliticsDigest.ng
TechDigest.ng
HealthDigest.ng
SpokesPersonsdigest.com
TeensDigest.ng
ArewaAgenda.com
Hausa.ArewaAgenda.com
YAShuaib.com
  • TAGS
  • $2.1 Billion
  • cbn
  • Central Bank of Nigeria
  • Cross River
  • FCT
  • Federal Government
  • FG
  • Kano
  • Kayode Fayemi
  • Lagos.
  • National Economic Council
  • NEC
  • Niger
  • Ogun
  • Osun
  • Port Harcourt
  • State Governors
  • Support Repayment
  • UNICEF
  • VP
  • WASH
  • Yemi Osinbajo
Previous articleReps Query FG, Agency Reports On Gas Flaring
Next articleCustoms Impound Explosives, Contrabands Worth N3.1bn
Economic Confidential

RELATED ARTICLESMORE FROM AUTHOR

Financial

Reps Bill: RMAFC to Probe Illegal Salaries

Director General of DMO, Patience Oniha
Financial

DMO Canvasses Revenue Growth, Spending Cuts

Formal President of Nigeria, Muhammadu Buhari
Financial

Experts Groan As Buhari Hands Over Struggling Economy

House of Representatives
Financial

Reps Concur With Senate, Extend Limit On CBN Loans

Central Bank of Nigeria, CBN
Financial

Rate Hike: MAN, NECA Warn CBN on Imminent Recession, Higher Prices

Kristalina Georgieva, IMF, Economy
Financial

IMF Tasks New Govt on Revenue Generation, Debt Reduction

SEMA

Book on Sales: Boko Haram Media War: An Encounter with the Spymaster

boko haram

Click Here: To Order Now!

PRNigeria FEEDS

Loading RSS Feed

EDITOR PICKS

Asiwaju Bola Ahmed Tinubu

The Person Needed for President Tinubu’s NSA By Yushau A....

Opinion June 4, 2023
Fuel Subsidy

Fuel Subsidy: The Genesis and Nemesis, by Adedamola Adetayo

Opinion June 4, 2023
President Bola Ahmed Tinubu

President Tinubu: Please Review Subsidy Removal, by Aliyu U. Tilde

Opinion June 4, 2023

POPULAR POSTS

Nigerian Maritime

FG Loses $1bn Annually In Maritime Sector

Monetary May 19, 2020

Ajaokuta Steel Company Gets N4.3bn for Revival

Business January 9, 2017
MTN Office

MTN Nigeria Opens Offer Of N100bn Commercial Paper Issuance

Business May 29, 2020

POPULAR CATEGORY

  • Business10389
  • Monetary2814
  • Financial2469
  • Featured Post2211
  • National News1888
  • News1855
  • Editors Pick1725
  • Opinion1115
  • Features710
ABOUT US
Economic Confidential is the Abuja based Nigerian News Magazine. Economic Confidential Magazine is Factual, Authoritative and Accessible.
Contact us: editor@economicconfidential.com
FOLLOW US
© 2017 Economic Confidential . All Rights Reserved.
X whatsapp