President Buhari Approves N28bn Budget Support Loan For States
President Muhammadu Buhari has approved the release of a budget support loan facility to 35 states of the Federation.
This loan is the latest in a series of financial support that had been provided by the Federal Government to the states to meet up with their obligations, including payment of salaries to workers.
Speaking to State House Correspondents after the National Economic Council (NEC) meeting presided by Vice President Yemi Osinbajo, the Minister of Budget and National Planning, Udoma Udo Udoma, said each of the 35 states will receive N800million.
The total amount that would be received by the states would amount to N28billion. He said the Accountant General of the Federation, Mr. Idris Ahmed informed council that approval has been received and CBN has been directed to pay N800 million to each of the 35 states of the Federation.
“The Accountant General reported to Council that approval has been received and CBN has been directed to pay N800 million 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,” he noted.