Business

FG sets up committee to recover N614bn budget support fund from 35 states

Published

2 years ago

August 22, 2019

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has revealed that the Federal Government has set up a committee to facilitate the recovery of N614 billion given to 35 states in the country as budget support.

The minister revealed this Thursday after a meeting of the National Economic Council (NEC) held at the Council Chamber of the Presidential Villa, Abuja. The meeting was presided over by Vice President Yemi Osinbajo.

Mrs Ahmed also insisted that the 2020 federal budget would be laid before the National Assembly before the end of September.

The Minister, who presented an update to the council on the budget support facility, said that 35 states benefited from the facility and that each state is expected to pay back equivalent of N175 billion.

She said: “Council agreed to constitute a committee of the Nigerian Governors Forum to meet with the minister of Finance and the Central Bank of Nigeria to finalize modalities for repayment.”

She further disclosed that NEC was briefed on preparations for the 2020-2022 Medium Term Expenditure Framework and the revenue generation challenges being faced by the government at the moment.