The National Economic Council at its
meeting on Thursday approved the reimbursement of N535.5bn to states for
the funds they spent on federal roads.
The Oyo State Governor, Chief Abiola Ajimobi, stated this while briefing state House correspondents after the meeting in Abuja.He said that 13 states had met the requirements for the reimbursement of the money.
The governor said that N13bn had been
disbursed to states as of 2013, adding that government was facing the
challenge of inadequate funding.
He also said that 26 state governments had applied for restructuring of their bank loans of about N500bn.
Ajimobi said that 11 of the states had concluded and submitted all relevant documents.
He added that 13 states were involved in the second phase of the loan restructuring.
He said, “The other major item that was
discussed had to do with the restructuring of bank loans to state
governments, and the restructuring was done into the Federal Government
bonds and the Director-General of Debt Management Office reported as
follows; ‘that 26 states applied for the loans, that 11 states have
concluded and submitted all relevant documents; that 13 states are
involved in the second phase to commence immediately. And the total
money involved in the restructuring stood at over N500bn.” read more Punch
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