But debtor-states will have to settle their debts soon, Finance Minister Mrs. Zainab Ahmed said yesterday, adding that the Federal Government plans to begin the final phase of the debt refund.
The minister, who did not divulge how much would accrue to each of the 36 states, noted that “some states still have outstanding balances, which will be refunded, in due course.” “Some of them are still not out of recession, but because of the method we adopted; but the consequence, of course, is the increase in debt and that is why the Ministry of Finance and all its agencies are working to make sure that we increase revenues.”
“However, the government is addressing the issue of the high debt service burden by a combination of substitution strategies, which include refinancing our shorter term, higher cost debts to longer term, lower cost debt. The minister noted that the Federal Inland Revenue Service had already begun the VAT automation programme for banks and other large industries. “The target is to improve the VAT collection, which was N148.92 billion as against the budgeted figure of N207.51 billion in 2018. Such digitalisation and transformation initiatives are an integral part of these revenue collection efforts,” she said.
On funding the Nigeria Sovereign Investment Authority that manages the nation’s Sovereign Wealth Fund , the government hopes “to work with the National Economic Council chaired by the Vice President, with all the states as members, to be able to save on a regular routine basis into the NSIA.”
When will this sharing end?
Pls don't share to imo state until realRochas leaves ...thanks
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