News Express banner Camano banner
Debt repayment: FG gives condition for further assistance to states, reassures creditors

By News Express on 25/04/2016

Views: 1,967

The Federal Government on Sunday night gave a condition for condition for further financial assistance to states via debt deferral even as it assured that will not be adversely impacted by the states debt repayment deferral for the month of March that was announced last Thursday.

In a statement in Abuja, the Federal Ministry of Finance said: “All states will receive the relief in this instance, however further deferrals will be subject to the agreement of a Fiscal Restructuring Plan to be prepared by each state with clear measurable objectives. The ministry is keen to ensure that the programme of Financial Discipline being driven by the Federal Government is replicated in all tiers of government, including elimination of payroll fraud and increased spending efficiencies in overhead. Enhanced financial transparency by the publication of audited accounts and submission of debt profile may also be required.” 

The ministry clarified that the debt repayments due to the states’ creditors will be fully paid notwithstanding the deferral. “The Federal Government will make the due debt repayments, which would be offset against liabilities owed to the states. Hence all creditors, including bondholders, will not be adversely impacted,” the statement said.

The ministry further reiterated that the deferral is not a bail out but rather a responsive measure by the Federal Government to put states in a better position to meet their salary obligations. The deferral amounts to a total of N10.9 billion.

•Photo shows Finance Minister Kemi Adeosun.

Source News Express

Posted 25/04/2016 05:21:10 AM





You may also like...
FG to feed 1m Katsina pupils

Boko Haram attacks force INEC to suspend voter...

Kaduna attacks: Villagers trace cause of crisis

Lottery: Commission applies corrective regulation on illegal operators...

Access Bank approves paternity leave for male employees...


Troops neutralise 6 terrorists, rescue 3 women

Air Force bombers blast Boko Haram’s bunkers

No APC state congress in Kebbi; venue deserted...

Senators in row over Buhari’s request for funds...

Fresh crisis hits PDP in Lagos

Niger Delta coalition gives FG deadline to sack...


Latest News Woman gives birth to five babies after 18 years of childless marriage U.S. vows to clamp down on fraudsters Osun govt. discovers 769 civil servants working with fake, forged certificates Boko Haram kills 11 in yet another attack Rivers PDP suspends 15 LGA party chairmen indefinitely Police begin investigation into mysterious death of a Prophet in Enugu N1bn Imo Debt: Court grants leave for 17 banks to show cause not to garnishee state accounts Ndigbo have no place APC: Igbo Group Third Mainland Bridge Video: No cause for alarm — Fashola's Aide Minimum Wage: Assent is another election promise delivered, says APC Political elite have destroyed Nigeria — Sanusi Alleged bombardment of civilians: NAF investigation committee begins work


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (469,892 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (414,564 views) Shameless Genevieve Nnaji exposes breasts in public (351,946 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (301,486 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (265,687 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (238,876 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (225,793 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (207,303 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (196,283 views) 10 cars more expensive than Jets (187,888 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (178,902 views) Lagos plane crash: Journalist releases victims’ names (178,310 views)


UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (85) Business & Economy (4,208) Business Verdict (65) Columnists (1,017) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (606) Features (746) Global Business Monitor (343) ICT Monitor (35) International (3,327) Interview (176) Live Commentary (29) Love Matters (155) Maggie's Blog (232) News (45,110) Opinion (1,223) Pidgin (17) Politics (10,616) Religion (978) Sports (1,961) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera