Kemi Adeosun say No more bailout for states, says finance minister

The Federal Government on Thursday ruled out the possibility of providing bailout funds for state governments to meet their financial obligations, including the payment of salaries of workers, due to declining allocation from the Federation Account.

It insisted that rather than providing fresh funds for the states to run their operations, the state governments must restructure their finances in line with the current economic realities.

The Minister of Finance, Mrs. Kemi Adeosun, who stated these during an interview on Channels Television’s Sunrise Daily, noted that unlike in the past when state governments had a lot of allocation from the Federation Account, the drop in oil prices had made it imperative for the governors to reduce the cost of governance.