The Central Bank of Nigeria has asked
state governments to furnish it with the details of their loan
obligations latest today (Wednesday).
The directive was contained in a statement issued late on Monday night by the Federal Ministry of Finance.
The statement said the directive was
given by the CBN Governor, Mr. Godwin Emefiele, during an extra-ordinary
meeting convened to share the revenue received from the Nigerian
Liquefied Natural Gas to the three tiers of government.
According
to the statement, N359,374,355,607.60 was collected by the Federal
Inland Revenue Service and shared among the three tiers of government.
It said the Federal government was
allocated N189,318,410,534.03 (52.68 per cent); the 36 states got
N96,024,827,818.35 (26.72 per cent), while the 774 local governments got
N74,031,117,255.16 (20.60 per cent).
The statement added that at the
emergency meeting chaired by the Permanent Secretary, Federal Ministry
of Finance, Mrs. Anastasia Daniel-Nwaobia, Emefiele informed the state
governments that the Federal Government was worried about the inability
of some of them to meet their obligations to their workers in terms of
payment of monthly salaries.
It read in part, “The CBN governor noted
that the inability of most states to pay salaries was due to the huge
debts hanging on their necks. Emefiele observed that most states were
taking short term loans for long term projects and servicing their
monthly obligations to the banks hampers cash flows, thereby restricting
them from payment of salaries.
“The CBN governor also informed the
states that the apex bank was willing to assist such states in
restructuring the loans owed the commercial banks.
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