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36 States owe N658 billion leaving Buhari with no option but to ‘raid’ ECA

Nairametrics by Nairametrics
June 23, 2015
in Uncategorized
36 States owe N658 billion leaving Buhari with no option but to ‘raid’ ECA
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The Federal Government has confirmed that 36 states owe a total of N658 billion ($3.3 billion). This figure was confirmed following the meeting between the State Governors and the President in Abuja on Tuesday.

Most State Governments are currently facing a financial crisis due to falling crude oil revenue and high cost of servicing debts. This has made it difficult for most states to pay staff salaries and other pertinent government obligations.

According to Reuters, a possible way out of the crisis recommended in the meeting was for banks to extend loans made to states to up to 20 years.  

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President Muhammadu Buhari said in a statement after a meeting with the state governors that the government could recover billions of dollars and, in the short term, some money from the Excess Crude Account could be used to cover salaries.

 

Tags: News Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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