The federal government is owed N1.72 trillion in unpaid budget support facilities by the 36 member states of the federation as well as the Federal Capital Territory.
According to The Punch, this was revealed in a statement released by the state house following Thursday’s National Economic Council meeting.
Generally speaking, a budget support facility is a financial arrangement in which the government gives money or other financial help to another organization, like a state or region, in order to meet its budgetary requirements.
The following is a breakdown of the outstanding liabilities: The total amount of debt owed by the 36 states is N1,718,705,566,436.25, with FCT owing N49,105,873,326.75.
The report underlined that in July 2023, the Federal government stopped offering loans for budget support, and it partially attributed this move to the rise in federation earnings.
In a related development, the National Economic Council discussed a document that Governor Yahaya Bello had submitted outlining Nigeria’s plan for flood mitigation, adaptation, readiness, and response. In order to provide ecological money to state and municipal governments during category 4 floods, the council decided to declare a state of emergency.
The establishment of an office for flood control was recommended, but the council disagreed, stating that the President’s nomination of a special adviser on climate change would sufficiently address this issue.
