Friday, 22 April 2016

Bail Out: Buhari Grants State Govts. Relief From Monthly Deductions

Finance Minister Kemi Adeosun informed sitting at the 66th National Executive Council meeting that President Muhammadu Buhari has approved the suspension of monthly deduction from state allocation at source for April.

This is meant by the President to give the States some financial relief at a time the FAAC allocations are dwindling due to the drop in oil prices.

The Vice President, Prof. Osinbajo, who presided over the meeting added that the President will continue to review the situation of the States on an ongoing basis and take appropriate relief measures as necessary and possible.

The Governor of Central Bank of Nigeria, Godwin Emefiele also reported to the Council that a total sum of N689.5 billion has now been disbursed as salary assistance loan to States and additional N310 billion disbursed as Excess Crude Account-backed loans to States.

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