The Federal Executive Council has approved the appointment of transaction parties for The Promissory note programme and a bond issuance aimed at settling inherited local debts and Contractual Obligations of the Federal Government.
The local indebtedness of the government is estimated at n3.4 trillion.
The nation’s rising local debts has been a cause for concern but this week the Federal Executive Council took a step towards handling this with the appointment of transaction parties that will start the process of settling the debts
The local debts to be handled by the transaction parties include: Pension Liabilities estimated at N400 billion, Unpaid Salaries and third party deductions put at N24.95billion, Staff Claims of N270 billion, Part of Contractors Claims totaling N45.36billion and Fuel Supply Accrued interest and Foreign Exchange differentials of N514.29 billion.
Also approved by the Federal Executive Council was the knowledge, youth and empowerment programme, targeting 12,000 young Nigerians of between the ages of 18 and 25 years.
The trainings intend to transform the 12,000 beneficiaries from unemployed and, under-employed trainees to employed citizens and entrepreneurs. They will be trained on commonly used electronic devices irrespective of their socio-economic backgrounds.
Finally approved at the Federal Executive Council was additional financing, in form of a loan of 6.8 million dollars from AfDB to finance the inclusive
basic service delivery and livelihood empowerment integrated programme for the rebuilding of the North-east.
The loan facility will specifically inculcate the rehabilitation of a federal science and technology college in Lassa, Borno State