{"id":58985,"date":"2021-07-16T05:21:16","date_gmt":"2021-07-16T04:21:16","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=58985"},"modified":"2021-07-16T05:23:16","modified_gmt":"2021-07-16T04:23:16","slug":"states-to-start-repayment-of-budget-support-loan-from-july","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/07\/16\/states-to-start-repayment-of-budget-support-loan-from-july\/","title":{"rendered":"States to start repayment of budget support loan from July"},"content":{"rendered":"<p>State governors and the Central Bank of Nigeria (CBN) have accepted to start deductions of the budget support facility this month.<\/p>\n<p>This was disclosed on Thursday by the minister of finance, budget and national planning, Zainab Ahmed\u00a0during the National Executive Council\u2019s 118th meeting.<\/p>\n<p>The meeting, held virtually, was presided over by <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/03\/29\/visas-might-be-needed-to-travel-to-kano-if-nigeria-splits-says-yemi-osinbajo\/\">Yemi Osinbajo<\/a>, vice-president, attended by state governors, federal ministers, CBN governor, and other senior government officials.<\/p>\n<p>Recall that the repayment plan had caused a rift between the governors and the apex bank.<\/p>\n<p>In May, Godwin Emefiele, governor of the CBN, had asked states to start repayment, but the governors insisted on postponement.<\/p>\n<p>The conditional facility was extended by the federal government to states in 2017 through the CBN\u00a0to help cushion the impact of dwindling resources and help meet their various obligations.<\/p>\n<p>At the expiration of the two-year grace period, the deductions were suspended for one year to enable states to stabilise their finances following the outbreak of the COVID-19 pandemic.<\/p>\n<p>At the meeting, Ahmed informed the council that deductions from state governments will now commence from July with the agreement reached on the matter.<\/p>\n<p>She also revealed that the country\u2019s excess crude account (ECA) stood at $60.85 million, stabilisation account at N26.35 billion and development of natural resources account at N23.57 billion as at July 13, 2021.<\/p>\n<p>NEC noted that the federal government is working out modalities of providing mass transit buses to major cities nationwide as cheaper alternatives to PMS\/petrol for transportation based on the planned removal of fuel subsidy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State governors and the Central Bank of Nigeria (CBN) have accepted to start deductions of the budget support facility this month. This was disclosed on Thursday by the minister of finance, budget and national planning, Zainab Ahmed\u00a0during the National Executive Council\u2019s 118th meeting. The meeting, held virtually, was presided over by Yemi Osinbajo, vice-president, attended [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":16057,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[13427,1109,805,958],"class_list":["post-58985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-budget-support-loan","tag-state-governors","tag-yemi-osinbajo","tag-zainab-ahmed"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>States to start repayment of budget support loan from July<\/title>\n<meta name=\"description\" content=\"State governors and the Central Bank of Nigeria (CBN) have accepted to start deductions of the budget support facility this month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/16\/states-to-start-repayment-of-budget-support-loan-from-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"States to start repayment of budget support loan from July\" \/>\n<meta property=\"og:description\" content=\"State governors and the Central Bank of Nigeria (CBN) have accepted to start deductions of the budget support facility this month. 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