Wunmi Semudara
The state house in the aftermath of the National Economic Council, has revealed that thirty-six states of the federation and the Federal Capital Territory have an outstanding liability of N1.72tn to the Federal Government in budget support facilities.
The report emphasised that the Federal government ceased providing budget support loans in July 2023, partly attributing this decision to the increase in the federation’s revenues.
The breakdown of the outstanding liabilities stayed that FCT owes N49,105,873,326.75, and each of the 36 states carries the same debt burden, totalling N1,718,705,566,436.25.
The budget support facility typically is the financial arrangement government provides funds or financial assistance to another entity, such as a state or region, to support its budgetary needs.
