Tuesday, September 11, 2018
Advertisement

Governors seek fresh bailout from FG

Governors seek fresh bailout from FG
September 29
08:52 2017
Advertisement

Governors have asked the federal government for a bailout in the form of budget support.

According to Dave Umahi, governor of Ebonyi state, who disclosed this to reporters at the end of the national economic council (NEC) meeting presided over by Vice-President Yemi Osinbajo, the request is meant to assist governors offset staff salary arrears.

He said most of the governors persuaded Kemi Adoesun, minister of finance, to find ways of sustaining the provision of budget support to the states.

Umahi said such support is needed, “especially when the amount that accrues to the states from the federation account is less than N600 billion”.

He said, however, none of the states, was qualified for the special intervention funds since N630billion was allocated to states from the federation account in September.

“We came to the understanding that every month, if the total shareable revenue in the federation account is less than N600billion, the minister of finance will give each state budget support,” Umahi said.

“We concluded that in the last 12 months and that continued for the second year, states have done very well, some states have been able to pay their accumulated salary debts and then also increased their commitment to infrastructure and generation of revenue.

“However, from July, that was not paid and in the month of August, I think about seven states were paid because according to the minister, other states did not comply with the set down rules, the most outstanding of that was the non-remittance of VAT from the states.

“So those seven states have been paid but more states have complied but we requested that those states that have complied should be paid.”

The request is coming at a time the Economic and Financial Crimes Commission (EFCC) has accused some governors of mismanaging previous bailout funds.

Only on Thursday did officials of the anti-graft agencies arrest two top officials of the Ekiti state government over alleged misappropriation of bailout funds.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2018 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

 
Advertisement

Advertisement
Advertisement
 

Exchange Rates

September 10, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement