35 states get N1.3trn budget loans

Thirty five states have collected N1.3 trillion and another N1.11 billion as budget support loans between 2016 and 2018.

The Accountant-General of the Federation, Ahmed Idris, disclosed this yesterday while giving the National Economic Council an update on the budget support facilities to states.

Speaking to State House correspondents after the council meeting, Lagos State Deputy Governor Oluranti Adebule said repayment of the facilities was extended from one year to two years.

She said analysis of compliance level showed that 52.5 percent was the highest and 13 percent, the lowest with respect to the conditions for the budget support loan facilities.

She said the Minister of Budget and National Planning, Udoma Udoma, gave an update on the Economic Recovery and Growth Plan focused labs. Excess Crude Account shrinks by $.5bn Adebule also said the AccountantGeneral of the Federation, in his presentation, put the balance in the Excess Crude Account at $1.829 billion as of April 23.

Our correspondent reports that the ECA stood at $2.3 billion as of February 14.

Adebule also quoted the AccountantGeneral as putting the balance in the Stabilisation Account at N14.2bn. It was N11.2bn in February.

The current balance in the Natural Resources Account was put at N1349bn. It was N123.6bn in February.