TheCable

The federal government has given approval for the release of N28 billion as budget loan for 35 states, excluding Lagos which does not need it.

Udoma Udoma, minister of budget and national planning made this known to reporters at the end of the national economic council (NEC) meeting chaired by Vice-President Yemi Osinbajo.

According to him, each state will receive N800 million to meet salary requirements, pensions and other necessities.

Udoma said that President Muhammadu Buhari had mandated the release of the money to the states through the accountant-general.

He said governors of the 35 states expressed appreciation for the loan facility.

“The accountant general reported to the council that approval has been received and Central Bank of Nigeria (CBN) has been directed to pay N800m to each of the 35 states of the federation,” he said.

“Governors expressed appreciation to the federal government for the restoration of the budget support loan facility for July and August 2017.”

The accountant-general, according to Udoma, also briefed the council on the balance in the excess crude account and stabilisation fund account.

As of November 17, balance on both accounts was put at approximately $2.31 billion and N6.69 billion respectively.