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₦614 Billion Bailout: FG Begins Deducting From States’ Allocations - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations (13961 Views)

₦20 Billion Bailout Loan: EFCC Withdraws Case As Kogi Forfeits ₦19.333B / Wike Kicks As FG Excludes Rivers From States To Benefit From Planned New Loans / FG To Start Deducting N614 Billion From States This Month (2) (3) (4)

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₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Antoeni(m): 3:10am On Feb 28, 2020
The federal government has commenced the deduction of the N614 billionbailout it gave to the 35 states of the federation, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Thursday in Abuja.
The minister, who spoke to journalists at the second National Economic Council (NEC) meeting in 2020, said the deductions were made from the statutory allocations to the affected states in January and February during the Federation Accounts Allocation Committee (FAAC) meetings.

The federal government extended the conditional budget support facility to the 35 states through the Central Bank of Nigeria (CBN) in 2017 to help them pay their workers’ salary and settle their pension obligations.

The loans were granted to the states at a nine per cent interest rate, with a two years grace period to repay.

However, last year when the Federal Government announced the repayment schedule, the governors gave conditions for the repayment of the loans.

The Chairman of the Nigerian Governors’ Forum, Kayode Fayemi, said the governors demanded a reconciliation of accounts between the federal and state governments before repaying the bailout fund granted them.

The reconciliation, the governors argued, would allow the states to deduct the debts the federal government owed states as a result of the repair of federal roads undertaken by the state governments in their domains.

The repayment of the loans originally scheduled to commence last September did not happen until after the reconciliation exercise was concluded last December.

Mrs Ahmed, who said the repayment of the loan was not to be treated as revenues to fund the 2020 budget, explained it would be taken from the affected states’ allocations from the Federation Accounts.
https://www.premiumtimesng.com/news/top-news/379425-n614bn-bailout-fg-begins-deducting-from-states-allocations.html

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Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Chuksmonika(m): 3:35am On Feb 28, 2020
alrite

5th First to Comment within 5hours....i dedicate it to my boss Poweredcom,aro1,and all real Gees in our ministry.


This month everywhere maranma!

5 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by eledacedar(f): 5:26am On Feb 28, 2020
Ok
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by dadebayo1(m): 5:26am On Feb 28, 2020
Gbese.... Pray the states will survive the servicing... ? Better for state Governors to start thinking outside the box on how to increase IGR.. Most are just lazy.

Waste to wealth
Agriculture revolution
Cut down on extravagant life style
Etc

25 Likes 2 Shares

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Sluacoast(m): 5:27am On Feb 28, 2020
Nairaland people no dey sleep o. I wan even collect first to comment

4 Likes 1 Share

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by gboyetade: 5:27am On Feb 28, 2020
Which state isn't affected?
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by seunmohmoh(f): 5:27am On Feb 28, 2020
Am I the only one shaking from the corona news Eeew

4 Likes 1 Share

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by peacettw: 5:28am On Feb 28, 2020
I want aware that every state was given the bailout money. Interesting
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Nobody: 5:28am On Feb 28, 2020
Now Governors will have excuses for not paying workers salary.

3 Likes 1 Share

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by nairalee(m): 5:28am On Feb 28, 2020
Make these states no con find excuse to withhold workers' February salary or stop infrastructural development o.

I kuku know say dem dey always find excuse to be incompetent

5 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by next2kings(m): 5:29am On Feb 28, 2020
Payback time...

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by cashlurd(m): 5:29am On Feb 28, 2020
Oh! Payback time.... I'm sure some.state governors will be running up and down to know if the deductions can be delayed especially those governors who inherited the debt..�

3 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by sunsewa16: 5:33am On Feb 28, 2020
Oya time to pay gbese,to collect dey sweet, but to pay dey hard, meanwhile states like kogi,Abia, IMO state (okorocha)osun etc I wonder how they used theirs.

8 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by imanray37(m): 5:34am On Feb 28, 2020
So much careless spending on frivolous white elephant projects by the Nigeria government open the flood gates bank of heaven on the typical nig. Govt. 50 yrs later poverty and stories that touches the heart will be on the media for all to see.

2 Likes 2 Shares

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by chiboyo(m): 5:34am On Feb 28, 2020
Rent seeking state governments who have absolutely no idea how to govern a state other than drive flashy cars and stash billions abroad after running cap in hand to Abuja every month for the usual monthly funds..

My pain however is that the masses are the ones suffering all these anomalies and stark wastefulness!
Until we start holding these people accountable, this vicious cycle continues!

6 Likes 1 Share

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by largehead: 5:38am On Feb 28, 2020
Everybody blames Buhari even for the woes of their state Governors.

It only portrays president Buhari as a Leader.

6 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by sunsewa16: 5:38am On Feb 28, 2020
seunmohmoh:
Am I the only one shaking from the corona news Eeew

Am scared, when I imagine the amount of humans (Nigerian)in contact with him from the flight down to where he felled ill, considering Lagos population,may God help us,where in for a long thing.

1 Like 1 Share

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Antoeni(m): 5:40am On Feb 28, 2020
Judgement Day Has Come
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Anambralstson: 5:42am On Feb 28, 2020
gboyetade:
Which state isn't affected?
27 states received bailout funds

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by BafanaBafana: 5:52am On Feb 28, 2020
Ortom used the money to buy cars for his commissioners and advisers. Money that was meant to clear salary arrears. They then compiled names of casual workers in the state and claimed they were staff state government workers who had been paid.
people wicked sha

6 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by WebmasterMind: 5:59am On Feb 28, 2020
When We Nigerians As Both The Masses and that of The Government will ever get it right
May we never pass the Nigeria Of Today To That Of Our Children. #LetGetItRight


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Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by helinues: 6:00am On Feb 28, 2020
That's the normal thing to do..

Those Governors are not ready to pay their outstanding loans as if na from their personal pockets they are paying from
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by BafanaBafana: 6:00am On Feb 28, 2020
largehead:
Everybody blames Buhari even for the woes of their state Governors.

It only portrays president Buhari as a Leader.
and they praise his ministers or aides for things done right

4 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by xcellencia(m): 6:02am On Feb 28, 2020
bailout is more of liabilities to some states
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by 1030(m): 6:06am On Feb 28, 2020
Soon the States will start owning workers salaries again
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Mak4web(m): 6:06am On Feb 28, 2020
okay
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by YorubaKinging: 6:06am On Feb 28, 2020
Half salary loading
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Simplebeauty: 6:23am On Feb 28, 2020
grin

Civil servants in those states should prepare for a new round of suffering

Plus No road, No health care...





We sell loans!!
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Admujust4u(m): 6:27am On Feb 28, 2020
Pay back time...
Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by youngbabaj(m): 6:31am On Feb 28, 2020
Looking out for my anambra

2 Likes

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Pavore9: 6:35am On Feb 28, 2020
Owo baba Ijebu oya e da pa da! cheesy cheesy

1 Like

Re: ₦614 Billion Bailout: FG Begins Deducting From States’ Allocations by Sammy07: 6:36am On Feb 28, 2020
Sluacoast:
Nairaland people no dey sleep o. I wan even collect first to comment

It's not everyone that is based in Nigeria
..

Time zones are different

1 Like 1 Share

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