Governors’ Request To Borrow N50 Billion From The CBN Rejected By The FG

Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, explained how the federal government rejected governors’ bid to borrow N50 billion from the Central Bank of Nigeria (CBN) to cover a revenue deficit in March and allocate the money through the Federation Account Allocation Committee (FAAC). According to the minister, who appeared on a National Television Authority (NTA) program monitored in Abuja, the federal government found reports by Edo State Governor, Mr. Godwin Obaseki, that it printed N60 billion to supplement funds shared to states in March surprising. Governors bemoaned the state’s precarious finances as a result of the […]