Nigerian Gov’t Pushes Ahead With States Bailout Deductions

Nigerian Gov’t Pushes Ahead With States Bailout Deductions

By Wires Editor | The Trent on November 15, 2021
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Zainab Ahmed, the Minister of Finance n75 billion
Zainab Ahmed, the Minister of Finance

The federal government has provided a N656. 1 billion Bridging Facility to state governments to cushion the effects of resumed Bail Out deductions.

Zainab Ahmed, the minister of finance, Budget, and National Planning, disclosed this at the 2021 conference of the National Council on Finance and Economic Development, NACOFED, in Lagos, on Monday, November 15, 2021.

The Acting Director (Information), Mr. Olajide Oshundun, in a statement quoted the minister as saying that President Muhammadu Buhari has approved the Bridging Facility and that the modalities have been worked.

She disclosed that the facility to commence soon, would be for a period of six months.

The minister said that Nigeria’s economic recovery after the COVID-19 pandemic has been sustainably good.

She noted that the recent past has been very challenging for the nation and indeed the entire globe but that Nigeria’s rate of recovery from the pandemic has been very encouraging, as according to her, “Things are now looking up for us and our economy is bouncing back to normal.”

Mrs. Ahmed said that the conference provided a veritable platform for stakeholders in the public and private sector financial management to brainstorm on issues relating to the impact, implications, challenges, and opportunities created by the pandemic.

She disclosed that the federal government has concluded arrangements with the World Bank to further make available another sum of $750 million as Additional financing for States under the States’ Fiscal Transparency, Accountability, and Sustainability, SFTAS,  programme.

Babajide Olushola Sawole, the governor of Lagos State, in his keynote address thanked the Federal Government for its implementation of various initiatives to boost the economy, adding that all hands must be on deck to rebuild from the destructions occasioned by this COVID – 19 pandemic.

He added that “we need to think outside the box, indulge on job and wealth creation by walking the rope, compelling both those in the private and public sector to focus more on exploring ways to do more with less or little.

“Optimize spending by cutting down wastages and excesses, be creative, create avenues for revenue creation, expand innovations, avoid unnecessary spending and create transparent ways and tendencies that will yield maximum value for every spending”.

Earlier, the Permanent Secretary Finance, Aliyu Ahmed, stated that various recommendations of NACOFED conferences in the past served as inputs for preparation of annual budgets, as well as, policy formulation towards economic growth and development at both the federal and sub-national levels.

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