FG Approves N28.8bn Budget Support Loan Facility for States

The federal government has approved the disbursement of N28.8 billion as budget support loan facility to the 36 states of the federation.

According to a report presented thursday to the National Economic Council (NEC), presided over by Vice-President Yemi Osinbajo in the State House, Abuja, the Central Bank of Nigeria (CBN) had been directed to pay N800 million to each of the 36 states of the federation.

The accountant-general also informed the press corps that council was informed that the balance in the Excess Crude Account (ECA) as of November 17, 2017 stood at $2.309 billion while the balance in the Stabilisation Fund Account (SFA) stood at N6.689 billion.The Accountant-General of the Federation, who briefed State House correspondents after the meeting, said the governors expressed appreciation to the federal government for the restoration of the budget support loan facility for the months of July and August.

He also said the balance in the Natural Resources Fund Account as of November 17, 2017 was N100.3 billion.

Also yesterday, the Executive Vice Chairman/Chief Executive of the National Agency for Science and Engineering Infrastructure (NASENI) presented a proposal to NEC for the replacement of the card reader for the conduct of elections in the country with a made in Nigeria solar-powered electronic voting system, expressing confidence that it will effectively mitigate the current challenges encountered with the electronic card readers.

He said the new proposed e-voting device was robust and would minimise human interference with the electoral process, adding that the same proposal, which had already been presented to the Independent National Electronic Commission (INEC), will be presented to the National Assembly.

The Ondo State governor, Mr. Rotimi Akeredolu, in his briefing, said an audit committee set up by NEC presented the report of the audit of revenue generating agencies� accounts from 2010 to May 2015.

He said the council was informed that there were possible under-remittances from certain revenue generating agencies to the Federation Account.

According to him, the council was informed of �questionable� loans granted by some of the agencies.

He said of the 18 agencies on which the forensic audit was conducted, the audit committee had completed work on 13 agencies.

He said work was still ongoing on two agencies while three others do not generate revenue.

The 13 agencies include NIMASA, NNPC, NPA, FIRS, NPDC and DPR, among others, while two others that are outstanding are the Nigeria Customs Service (NSC) and National Communications Communication (NCC).

He said the council directed the committee to conclude its report within the next four weeks and report back to council at the next meeting.