President Muhammadu Buhari has granted state governments relief from monthly deductions regarding Central Bank of Nigeria (CBN) salary assistance loans.
The was part of the outcome of the 66th National Economic Council (NEC) meeting which held in Abuja on Thursday.
One of the highlights of the meeting presided over by Vice President Yemi Osinbajo include report on excess crude proceeds by the Minister of Finance, Mrs Kemi Adeosun who told the Council that the Account has a balance of $2.3 billion.
Regarding the salary assistance loans, the Finance Minister informed Council that President Muhammadu Buhari has approved the suspension of monthly deduction at source for this month, and no such deductions would be made this month from the FAAC allocations to the States.
This is meant by the President to give the States some financial relief at a time the FAAC allocations are dwindling due to the drop in oil prices.
Vice President Osinbajo added that the President will continue to review the situation of the States on an ongoing basis and take appropriate relief measures as necessary and possible.
There was also an update on the constitution of executive Search Committee of the Board of Nigeria Sovereign Investment Authority (NSIA) by Adeosun, who also gave an update to the Council on the progress regarding the constitution of the NSIA Board.
The Minister told the Council that nominees have been selected to form a Search Committee that will bring up names of potential Board members of the NSIA.
The Vice President and Chairman of Council informed the Council of the reconstitution process of the Niger Delta Power Holding Company (NDPHC) with representatives from states based on the six geo-political zones as follows:
(i) North-Central – Plateau State
(ii) North-East – Adamawa State
(iii) North-West – Kebbi State
(iv) South-East – Anambra State
(v) South-West – Lagos State
(vi) South-South – Edo State
There was also an update on states that have received Bailout Funds by CBN Governor Godwin Emefiele who reported to the Council that a total sum of N689.5 billion has now been disbursed as salary assistance loan to States and additional N310 billion disbursed as Excess Crude Account-backed loans to States.
Federal Road Safety Corps Marshall, Boboye Oyeyemi, was also in attendance to present the Nigeria Road Safety Strategy Document (NRSS – 2014-2018) to the Council.
He said the document serves to address current overlaps, streamline the role and responsibilities of all participants in order to maximize the benefits of investment in road safety management activities.NEC endorsed the Strategy at today’s meeting.