The Minister of Finance, Mrs. Kemi Adeosun
has revealed that relief may be on the way for cash-strapped states of the
federation as each of them may, under some conditions, get budget support loans
of up to N50billion from the Federal Government. She disclosed this at the launch of a new
stimulus package to reflate the economy and further bail out cash-trapped
states struggling to meet basic obligations like the payment of wages and meeting
servicing of debt liabilities.
In a meeting with the states commissioners in
Abuja she said states willing to key into the scheme must fulfill certain basic
prudent requirement like showing evidence of how they have kept their books of accounts,
including how the security votes were spent as well as design new workable
alternative
sources of internally generated revenue as opposed
to the over-reliance on allocations from the Federation Account for the funding
of their budgets.
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