The Nigerian government has begun talks to finalise the modalities for repayment of N614 billion budget support facilities loaned to 35 states by the Central Bank of Nigeria (CBN).
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this to State House correspondents on Thursday after the National Economic Council meeting in Abuja.
According to her, the Council has agreed to set up a team comprising representatives of the Nigerian Governors’ Forum, Ministry of Finance, and the CBN within a week to conclude the process.
Mrs Ahmed explained that the N614 billion budget facility, which was introduced in 2016 amounting to 17.5 billion per state, was loaned to every state except Lagos.
Earlier, the minister made a presentation at the NEC meeting chaired by the Vice President, Professor Yemi Osinbajo.
She noted that the macro-economic environment of the country has shown significant growth and stability since after the recession.
According to Ahmed, there have been eight successive quarters of economic growth since the country emerged from recession.
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