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The Federal Government, to cut domestic debts – NEC

The Federal Government, yesterday, indicated that it would cut domestic debts in order to ensure that the level of deficit in the nation’s budget is reduced significantly. Similarly,

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قديم 07-18-2012, 04:12 PM
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افتراضي The Federal Government, to cut domestic debts – NEC

The Federal Government, yesterday, indicated that it would cut domestic debts in order to ensure that The level of deficit in The nation’s budget is reduced significantly.

Similarly, lawyers for The Federal Government and The 36 states of The federation have been given two weeks to finalise The positions of both parties on The Excess Crude Account to find a solution before The next National Economic Council, NEC, meeting.


These were The highlights of The National Economic Council meeting held at The Presidential Villa, Abuja, yesterday.


The meeting which was presided over by Vice President Namadi Sambo had in attendance some governors of The 36 states, The Governor of The Central Bank of Nigeria, Minister of National Planning and Minister of State, Finance.


Addressing State House correspondents after The meeting, Minister of State for Finance, Yerima Ngama, said: “A review of The present state of indebtedness and facilities by various international financial institutions such as The World Bank through The IDA window, ADB, Islamic Development Bank, ECOWAS Bank for Investment and Development and also The China EXIM Bank, was done.


“We also discussed The borrowing plan going forward in The next three years. The Federal Ministry of Finance is going to provide The information of all The facilities that state government can access especially those under The IDA window and The state will now apply for whatever project it wants to finance with The funds and this will be articulated and a meeting will be called with The National Assembly for The defence of these facilities and after approval then, The state will access.


“The Federal Ministry of Finance will also make separate presentation on The borrowing plan in The next NEC and this presentation will actually give a summary of The indebtedness between now and The next NEC with The Federal Ministry of Finance and various state governments on all The facilities that we need to borrow for th-e next three years.


“On a policy level, we want to slow down on The domestic debts. In fact, we want to ensure that going forward, that The level of deficit in our budget is reduced significantly so that we don’t add on to The domestic debts. So, we are actually mindful of our debts level.”


Ultimatum to FG, states’ counsel


On The decision of The NEC for The Federal and state governments counsel to reach a settlement before The next meeting, CBN Governor, Sanusi Lamido Sanusi, said The meeting agreed that The Ministry of Finance and The governors should sit and agree before The next NEC meeting, though The date was not disclosed.


According to Sanusi, “this solution is important because The Supreme Court has given us till September 2 for an out-of-court settlement to be reached. If it is not reached then, The trial will continue.”


But from all indications, both parties are willing to arrive at an understanding of what is due to each party and also an understanding of how The indebtedness of any party to The other will be settled.”


Sanusi said The sub-committee set up to fashion out out-of-court settlement had submitted its report.
“It is an interim report, The lawyers representing both parties have been discussing, there has been significant progress in terms of harmonising positions.


The major issues that were The subject of contention were The excess crude account, The signature bonuses; collection cost; waivers and concessions; other dividends and Internally Generated Revenue (IGR); CBN charges which has been sorted out; NLG dividends; proceeds on sale of government properties; privatisation proceeds; establishments and operation of federation account and incidental matters- FG expenditure on state and LGAs”he said.


The Federal Government, to cut domestic debts – NEC


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