Five states have applied for loan – Governor

Five states have so far completed the process of borrowing from the Federal Government’s facilitated N90bn budget support loan from the private sector.

The Akwa Ibom State Governor, Mr. Udom Emmanuel, disclosed this on Thursday while briefing State House correspondents on the outcome of the National Economic Council meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

Emmanuel quoted the Minister of Finance, Mrs. Kemi Adeosun, as briefing the council that one state declined to apply for the loan.

He said the minister informed the council members that the first tranche of N50bn bond would soon be issued, while the balance of N40bn would be released later.

The governor neither disclosed the five states that had completed the process nor the one that declined, saying it was premature to do so.

He said, “The Minister of Finance also briefed the council on the Federal Government’s N90bn budget support loan facility for states at nine per cent interest rate.

“She said five states have completed the process for borrowing from the budget support loan.”

Emmanuel also quoted the minister as putting the balance in the Excess Crude Account at $2.261bn as of June 15.

He said Adeosun also gave an update on the appointment of forensic auditors with respect to the ECA payment into the Federation Account and the revenue generating agencies.

“The Minister of Finance reported that work is ongoing as a mandate has been given to the forensic auditors,” he said.

Emmanuel also said the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, gave an update on the new flexible foreign exchange rate policy.

He said the council described the new policy as a welcome development.

He added that the Special Adviser to the President on Social Investments, Mrs. Maryam Uwais, gave a status report on the government’s social investment programme.

The governor said, “She briefed the council on the preparation, status of the planning, and responsibilities of the stakeholders towards the implementation of the programme. She told the council that the programmes are designed to fulfil the Federal Government’s social protection role to its citizens, reduce poverty and inequality in Nigeria, among others.

“The programme’s engagement with beneficiaries is already in progress and pointed out the role of the key players and partnership with states are very critical to the success of the programme.”