NEC to Review CBN’s Deduction of Budget Support Facility from States’ Allocations

NEC to Review CBN’s Deduction of Budget Support Facility from States’ Allocations

*Sets up committee on flood mitigation

Deji Elumoye in Abuja

The National Economic Council (NEC) yesterday resolved to review the Central Bank of Nigeria’s (CBN) plan to commence deductions from state governments’ share of the monthly federal allocations.

The move was aimed at exploring further financial succor for states regarding repayment of the federal government’s budget support facility.
The Council chaired by the Vice President, Prof. Yemi Osinbajo therefore, resolved to set up a panel with representatives of the federal government and the states to review the matter.  

A statement by the Senior Special Assistant to the President on media and publicity in the Office of the Vice President, Laolu Akande, Osinbajo stated, “bearing in mind all of the financial difficulties, we take the position to review the plan to commence the deduction for the loan.”

NEC at its monthly meeting resolved that representatives of the Governors’ Forum, the Central Bank of Nigeria and the Federal Ministry of Finance, Budget and National Planning, among others, meet to review modalities for the imminent deductions of funds from States by the Central Bank of Nigeria, to repay the Budget Support Facility granted to states by the federal government.

 It noted that the decision was in consideration of current difficulties experienced by state governments in fulfilling their financial obligations.    
The council equally endorsed the revised National Social Protection Policy presented by Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.
The policy would now go to the Federal Executive Council (FEC) for input and from there to the National Assembly for Legislative approval.
When passed, the new policy would replace the “2017-2022 National Social Protection Policy.”

The minister added that the expected benefits of the revised NSPP included among others, “reduction of multi-dimensional poverty; promoting social justice, equity and inclusive growth; reduce unemployment, social and economic vulnerabilities, and other threats to sustainable development.”  
The NEC also resolved to constitute a committee of the federal government and state governors to liaise with other relevant stakeholders to find immediate and long-term solutions to flooding problems across the country.  

The vice president noted that the committee liaising with critical stakeholders, would support efforts, whether short, medium or long term, in mitigating the impact of flooding as well as finding lasting solutions to the issue.  
Council also commended the efforts of stakeholders including the National Primary Health Care Development Agency (NPHCDA) in the vaccination of more Nigerians against COVID-19.  

According to the presentation of the COVID-19 Scorecard by the Executive Director of NPHCDA, Dr. Faisal Shaibu, “over 127 million doses of COVID-19 vaccines have been procured and administered through collaborations by the federal government and other partners since the inception of the exercise.  
 “Additional 10.5 million doses of Johnson and Johnson vaccines have been procured by the federal government and is being expected in the country before the end of the year.” 

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