Irrespective of all the foreign and domestic debt the country is facing, the federal government is being put under more pressure by the states to release funds in form of loans to them.
The spokesman of Vice President Yemi Osinbajo, Laolu Akande, quoted The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele as making the disclosure at the national economic council (NEC) meeting which held in Abuja on Thursday.
All the 36 state governors are members of the council, but many of them are currently being questioned on how they misused the bail out funds given to them earlier.
Akande said on behalf of Emefiele, that
“Thirty states have so far benefited with the salary bailout as at 18th May, 2016. Thirty-five states have applied for the Excess Crude Account-backed loans.”
Kemi Adeosun, the Minister for Finance told the council that the balance in the excess crude account as at April 30, 2016 was $2,259,688,878.06 and that interest accrued to the account for the month of April 2016 was $429,903.55.
At the meeting which was presided over by the Vice President, a fiscal sustainability plan to help states navigate the current economic conditions was approved.
The government has been making efforts to boost the economy, with the President traveling to China and Emefiele later reported that China would soon begin to import goods from Nigeria as a result of the trip. Thus narrowing the gap in trading between the two countries.