The Federal Government has set up a committee for the recovery of N614 billion given to 35 states as budget support.
The money was given in the days when most States of the Federation could not pay workers’ salary.
The Minister of Finance, Budget and National planning, Zainab Ahmed, who revealed the setting up of the committee, spoke with State House correspondents at the end of the National Economic Council meeting chaired by Vice President Yemi Osinbajo (SAN).
Ahmed had presented an update to the Council on the budget support facility.
With 35 states benefiting from the facility, she said each state is to pay back equivalent of N175 billion.
She said: “Council agreed to constitute a committee of the Nigerian Governors Forum, Ministry of Finance and the Central Bank of Nigeria to finalize modalities for repayment.”
The Minister further revealed that she updated the Council on the activities of the Ad-Hoc Committee on Excess Crude Account and other special accounts of the Federation.
Ahmed said the Committee requested for extension of time to finalise and present its report during next meeting of the Council.
Ahmed also made a presentation on the Medium-Term Expenditure Framework and Medium Term Strategy Paper.
She said the presentation was to get inputs and recommendation from the Council for further presentation to the Federal Executive Council for approval and implementation.