..as NEC endorse 2024 medium term expenditure framework
The Nigeria’s Governors Forum and the Central Bank of Nigeria have resolved issues around repayment of the Budget Support Facility.
This was disclosed by Laolu Akande, a Presidential spokesman in the Office of the Vice President on Thursday after an emergency of the National Economic Council chaired by his boss, Yemi Osinbajo.
According to him, Osinbajo, the NGF Chairman and Ekiti State governor, Kayode Fayemi, the Finance Minister, Zainab Ahmed, and the CBN governor, Godwin Emefiele, met within the week and agreed on a new arrangement for the governors to repay the loan.
Under the new arrangement, the Central Bank of Nigeria had offered a fresh bridging financing to States as they resume the repayment of the FG-backed Facility.
A total sum of N614 billion budget support facility was extended to 35 states of the federation to offset their financial obligations at a time they were in economic mess during the first term of President Muhammmadu Buhari.
The governors disagreed with the CBN when the apex bank informed them of its resolve to begin to deduct the loan from their monthly allocations.
A panel led by the vice president was set up to look into the mode of settlement as to when and how the loans would be repaid. The Council also endorsed the 2022-2024 Medium Term Expenditure Framework and Financial Strategy Paper at the meeting.
During the presentation of the MTEF to the Council, the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, stated that the draft of the 2022-2024 MTEF/FSP was prepared against the backdrop of global economic recovery, amidst improved vaccination outlook and lower incidence of COVID-19) infection.
The NEC equally updated its focus on the reports of the State Judicial Panels set up across the country after last year’s EndSARS protests.
Osinbajo urged states where the panels were still sitting to also send interim reports so as to measure progress.
At the virtual meeting were several state governors, FCT minister, Finance minister, CBN governor, and other government officials.