FG approves N800m as Budget Support Loan Facility for states

President Muhammadu Buhari has approved the release of N800 million for each of the 36 states of the federation as part of the Budget Support Loan Facility.

The Minister of Budget and National Planning, Sen. Udoma Udo udoma, stated this when he briefed State House correspondents, alongside Gov. Rotimi Akeredolu of Ondo, on the outcome of the meeting of the National Economic Council (NEC) in the Presidential Villa, Abuja, on Thursday.

Udoma said the Accountant General of the Federation reported to the Council that approval for the payment of the amount had been received by his office and the Central Bank of Nigeria (CBN) had been directed to pay the money to the states.

““Governors expressed appreciation to the Federal Government for the restoration of the Budget Support Loan Facility for July and August 2017,’’ he said.

He said the Accountant General also informed the Council that the balance in the Excess Crude Account (ECA) as at Nov. 17 stood at $2,309,693,583.35

He said the Council was also updated on the balance of the Stabilisation Fund Account (SFA), which, as at Nov. 17 stood at N6,689,072,836.11

The minister said the balance of the Natural Resources Development Fund Account stood at N100, 314, 169, 190,23 as at Nov. 17.

Akeredolu told the correspondents that the Council received the Report of the NEC hoc Committee on Export Promotion.

The committee was set up in September.

“The report dwelt extensively on an export promotion plan geared towards achieving governments’ policy on the “zero oil Plan.

“The Committee recommended, among other things, the establishment of a National Committee on Export Promotion, chaired at the Presidency level.

“It also recommended the setting up of a  Technical Committee involving federal and states MDAs to help provide technical information and direction to the proposed committee.

“The Ad-hoc Committee further  recommended that Export procedures and documentation be streamlined with  the identification of existing domestic investors and engagement plan for output expansion.

He said the committee also recommended the establishment of more laboratories and testing centres to help improve quality and standard of export and the domestication of the Office of Technical Regulation (OTR) as recommended by UNIDO.

On market for Nigeria’s products, he said the committee recommended the deepening of commercial diplomacy, one-stop shops for export and a National Export Portal to generate global orders to link suppliers to buyers

“On Value Chain Development, the Committee recommended the development of clusters along product value chain, market driven research and development and the provision of seeds and seedlings.

“The committee recommended the recapitalization of NEXlM Bank, the provision of Export Development Fund in line with NEPC Act, a five-year financial window on export expansion grant and funding scheme for exporters similar to the CBN Anchor Borrowers programme.

(NAN)