President Buhari Grants Relief to State Governors On Monthly Repayment of Bailout Loan
President Muhammadu Buhari has approved the suspension of monthly deduction at source for the month of April, for states who received salary assistance loans otherwise known as bailout funds from the federal government.
With the waiver, the states who collectively obtained the sum of N689.5 billion as salary assistance loans from the Central Bank of Nigeria (CBN) will be spared the monthly deduction at source, for the month of April, from their monthly federation account allocations.
Vice President Yemi Osinbajo said the decision was taken by President Buhari to give the states some financial relief at a time the monthly allocations from the federation account has been dwindling due to the drop in oil prices.
Osinbajo added that the President will continue to review the situation of the States on an ongoing basis and take appropriate relief measures as necessary and possible.
A statement signed by Mr Laolu Akande, spokesman for the vice-president, listed other reports submitted at this month’s National Economic Council meeting presided over by VP Yemi Osinbajo at the Presidential Villa, to include the status of the excess crude account, balance of which minister for finance, Mrs Kemi Adeosun put at $2.3 billion.
Concerning the board of the Nigeria Sovereign Investment Authority (NSIA), Mrs Adeosun equally told the council that nominees have been selected to form a search committee that will bring up names of potential board members of the NSIA.
Osinbajo also informed the council of the reconstitution process of the Niger Delta Power Holding Company (NDPHC), with representatives from States based on the six geo-political zones as follows:
(i) North-Central – Plateau State
(ii) North-East – Adamawa State
(iii) North-West – Kebbi State
(iv) South-East – Anambra State
(v) South-West – Lagos State
(vi) South-South – Edo State
Mr Boboye Oyeyemi, the Corps Marshall of the Federal Road Safety Corps (FRSC) was also in attendance to present the Nigeria Road Safety Strategy Document (NRSS – 2014-2018) to the Council.
The document serves to address current overlaps, streamline the role and responsibilities of all participants in order to maximize the benefits of investment in road safety management activities. The NEC endorsed the Strategy at Thursday’s meeting.