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President Muhammadu Buhari has so far supported states of the federation with a total sum of N5.03 trillion plus an additional US$3.4 billion since the inception of his administration.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Thursday while giving her ministry’s scorecard in the Ministerial briefing organized by the Minister of Information and Culture, Lai Mohammed, in Abuja.
She said each of the payments has different repayment terms while others were given as grants.
She remarked that the support covers a 13% Derivation Refund to Oil Producing States, refunds for the Construction of Federal Roads, and Ecological Support, among others.
The minister stated: “With respect to subnational governments, the FMFBNP goes over and above its statutory role to provide financial support to States:
“A total of N5.03 trillion plus an additional US$3.4 billion has been released to States by the Federal Government over the life of this administration.
“Each of these payments has distinct repayment terms with some given as grants and others as loans with favourable repayment terms including a long amortisation period.
“The support covers the 13% Derivation Refund to Oil Producing States, refunds for Construction of Federal Roads, Ecological Support, Support from the Development of Natural Resources Fund, Paris Club refunds, Support from the Stabilisation Fund, COVID intervention amongst others.”
More details to come later…
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