Wednesday, 24 June 2015

36 States owe N658 billion

The Federal Government on Tuesday during a meeting between the State Governors in Abuja has confirmed that the states are owing a total of N658 billion( $3.3 billion). Most States are facing serious financial crisis for instance been unable to pay staff salaries and other government obligations due to the fall in crude oil prices and servicing debts.  

President Buhari said in a statement after a meeting with the state governors that the government could recover billions of dollars and in the shor term. Some money from the Excess Crude Account could be used to used to cover salaries.

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