FG gives condition for further assistance to states, reassures creditors

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. 

Aregbesola, Others Get Relief As President Buhari Suspends Deductions

Osun and Edo States Governors

The Minister of Finance, Mrs Kemi Adeosun had during her reports to the National Economic Council (NEC) meeting said President Muhammadu Buhari ordered the suspension of monthly deduction at source for this month, and no such deductions would be made this month from the FAAC allocations to the States

According to Adeosun: "Regarding the salary assistance loans, the Finance Minister informed Council that President Muhammadu Buhari has approved the suspension of monthly deduction at source for this month, and no such deductions would be made this month from the FAAC allocations to the States."

"This is meant by the President to give the States some financial relief at a time the FAAC allocations are dwindling due to the drop in oil prices."

· The Vice President, Prof. Osinbajo during the NEC meeting 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.