States To Start Repayment Of Budget Support Loan From July

Finance Minister, Zainab Ahmed has revealed that the Central Bank of Nigeria (CBN) and state governors have agreed to start deductions of the budget support facility this month.

She made the disclosure on Thursday during the National Executive Council’s 118th meeting.

The meeting, held virtually, was presided over by Yemi Osinbajo, vice-president, attended by state governors, federal ministers, CBN governor, and other senior government officials.

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Ahmed informed the council that deductions from state governments will now commence from July with the agreement reached on the matter.

She also revealed that the country’s 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 of July 13, 2021.