FG announces date to begin deduction of N614bn bailout funds to states
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed this on Tuesday, said that the deduction would commence in the Federation Accounts Allocation Committee provision for states in September.
“We want the states to stay on the path of fiscal sustainability, but it will not be a condition for the deduction. We will deduct direct from source and remit to the CBN,” the minister said. “However, when decisions have been made and approvals have been given and businesses make their decisions based on those incentives, you cannot pull them out overnight.
According to her, privatisation proceeds is expected to rake in N126.5 billion in 2020, while multi-lateral/bilateral project-tied loans are to bring in N328.1 billion. Ahmed added that personnel costs, inclusive of pension costs, had continued to rise, as it was set at over N3 trillion, adding that the Federal Government was taking steps to contain it.
“For 2018, actual production was 1.84 mbpd and for the first half of 2019, it was 1.86 mbpd,” she said.
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