Budget support: NEC sets up committee to review modalities for states repayment

Budget support:NEC sets up c'mmittee to review modalities for states repayment

 

The National Economic Council, NEC, has formed a committee to examine repayment options for the federal government’s budget support facility provided to states.

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The NEC decided to review the Central Bank of Nigeria’s plan to begin deducting state governments’ share of monthly federal allocations as part of efforts to investigate ways to provide additional financial assistance to states in repayment of the Federal Government’s Budget Support Facility.

NEC resolved that representatives of the Governors’ Forum, the Central Bank of Nigeria and the Federal Ministry of Finance, Budget and National Planning, among others, meet to review modalities for the imminent deductions of funds from States by the Central Bank of Nigeria, to repay the Budget Support Facility granted to States by the Federal Government.

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The meeting chaired by professor Yemi Osinbajo also deliberated on finding solutions to the issue 9f floods and relief to affected residents.

The national economic council resolved to constitute a committee of the Federal Government and State governors to liaise with other relevant stakeholders to find immediate and long-term solutions to flooding problems across the country.

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Another resolution of today’s Council meeting is the endorsement of the revised National Social Protection Policy presented by Minister of Finance, Mrs Zainab Ahmed. The policy will now go to the Federal Executive Council and from there to the National Assembly.

When passed, the new policy will replace the “2017-2022 National Social Protection Policy

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