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State Governors Kick Against N614bn Bailout Refund

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State governors, under the auspices of Nigeria Governors Forum [NGF], have kicked against the planned demand for repayment of the N614 billion bailout fund offered to 35 states under the National Budget Support Loan Facility.

The Federal Government has made the demand on Thursday, according to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while speaking with State House Correspondents after a meeting of the National Economic Council in Abuja.

Mrs. Ahmed said each of the states would return N17.5 billion. Ahmed spoke

According to her, NEC agreed to set up a team comprising the Governors’ Forum and her ministry to meet with the Central Bank of Nigeria to work out the repayment modalities.

Ahmed said, “The Honourable Minister of Finance briefed NEC on the progress of how the FG had made a total of over N614bn available to 35 states, being N17.5bn each. “Council agreed to constitute a team from the Nigeria Governors’ Forum to meet with the CBN and the Ministry of Finance to finalise modalities for commencement of repayment.”

However, the governors were jolted by the decision, saying it came at a time they are struggling to comfortably pay the new National Minimum Wage of N30,000.

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