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Thirty five states will share N28billion as budget support facility approved by President Muhammadu Buhari, the federal government said yesterday. The President has directed the immediate release of the money to the states, according to Minister of Budget and National Planning Udoma Udo Udoma. He spoke to reporters at the end of the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo. According to him, the Accountant General of the Federation briefed the NEC on the new approval. Each of the states is to get a minimum of N800 million to enable them meet their salary obligations, pensions and other needs. He said: “The Accountant General reported to Council that approval has been received and the CBN has been directed to pay N800 million to each of the 35 States of the Federation. Governors expressed appreciation to the Federal Government for the restoration of the Budget Support Loan Facility for July and August 2017.” On the Excess Crude Account, he said “The Accountant General of the Federation informed Council that balance in the ECA as at November 17, 2017 stands at $2,309,693,583.35 ” For update on the balance of the Stabilization Fund Account, he said “The Accountant General informed Council that as at November 17, 2017, the balance in the (SFA) stood at N6,689,072,836.11 On Update on the Natural Resources Development Fund Account, he said “The Accountant General informed Council that the balance as at November 17, 2017 stand at N100,314,169, 190.23 Udoma said he briefed the Council on update on the economy as signs of recovery that has been observed since Q3 2016 with the recovery consolidated in Q3 2017 as GDP doubling to 1.40% non-oil GDP contracts in Q3 2017 by 0.76% after growing in Q1 R Q2 2017. He said while the Services sector is still in the negative, the Manufacturing sector grows negative in Q3 2017 also. due to high inflationary pressures. He said “Household consumption expenditures remain constrained, though it appears such pressure is easing. Headline inflation has declined since January reflecting tight monetary policy. Food price increases have remained persistent but slowing down. The total value of capital importation at the end 2017 of Q3 stood at $4.14 billion (131.3% growth year on year).” Ondo State Governor, Rotimi Akeredolu said that NEC received some reports from its Ad-hoc committees. He said “The NEC Ad-hoc Committee set up in September, to advice 2017 Council on export promotion submitted its report. The report dwelt extensively on an export promotion plan geared towards achieving governments’ policy on the “zero oil Plan. “The Committee recommended among other things, the establishment of a National Committee on Export Promotion, chaired at the Presidency level. A Technical Committee involving Federal and States MDAs to help provide technical information and direction to the proposed Committee. The governor also said that NEC received interim report on the Forensic Audit of Revenue Accrued from Revenue Generating Agencies (RGAS) into Federation Account, Excess Crude Account and Consolidated Revenue Fund by the Gombe state Governor, who is the Chairman of the committee. |