The Federal Government says it has refunded over N700bn to state governments for the development of federal infrastructure across all states of the federation. The Federal Government said it made the refunds to the states over the past six years.
The government said these in a titled ‘President Buhari Administration at Six’ obtained from the Federal Ministry of Finance, Budget and National Planning in Abuja. Under the section on support to states that focused on infrastructure loans and refunds, the government said it had made ‘more than N700bn in refunds for federal road projects embarked upon by state governments’.
It further stated that the current regime had extended more than N2tn in bailout packages to state governments to enable them meet their salary and pension obligations. This, it said, was especially in the face of dwindling oil revenues in the first three years of the regime.
The government stated that the support came in the form of Budget Support Facility of N614bn that was extended to the states and Paris club refunds of $5.4bn. It said other forms of support included loan restructuring for facilities with Deposit Money Banks.
