FG sets up panel to recover N614bn from 35 states

The federal government on Thursday said that a committee has been put in place to facilitate recovery of N614 billion given to 35 states on budget support.

This is as Zainab Ahmed, the minister of finance, budget and national planning, has reiterated that the 2020 budget will be laid before the National Assembly in September.

Briefing state house correspondents after the National Economic Council, NEC meeting presided over by the vice president, Yemi Osinbajo, at the Council Chamber, Presidential Villa, Abuja, Ahmed 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 said Council 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.