National Economic Council approves refund to states for federal roads project

The National Economic Council has approved the reimbursement of N535.5 billion naira to states for the funds they spent on federal roads.

The Oyo State Governor, Abiola Ajimobi, stated this while briefing state House correspondents after the meeting in Abuja, where he stated that 13 states had met the requirements for the reimbursement of the money.

The governor said that N13 billion naira had been disbursed to states as of 2013, adding that government was facing the challenge of inadequate funding.

He also said that 26 state governments had applied for restructuring of their bank loans of about N500 billion naira, adding that 11 of the states had concluded and submitted all relevant documents, as 13 states were involved in the second phase of the loan restructuring.

On agriculture, Ajimobi said that the council was told that fertilizer used by farmers increased by over 271 per cent, disclosing that council agreed that the federal ministry of Agriculture be left as a policy formulation body.

The council also approved a plan to roll out an agriculture plan for the states of the federation beginning with 12 states and the FCT and called for a closer interaction between farmers in states and local governments.


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