The Presidency on Tuesday denied that the fund for the relief package meant for sharing among states and local councils was drawn from the Excess Crude Account (ECA).
Special adviser to the President on Media and Publicity, Femi Adesina, said in a statement that the relief package was funded partly from the “dividend paid to the Federation Account by the Nigeria Liquefied Natural Gas Company (NLNG).”
Adesina explained that the Central Bank would also provide intervention fund “that will offer financing to the states, ranging from N250 Billion to N300 billion. This will be a soft loan available to states for the purposes of paying backlog of salaries.”
Also included relief package according to Adesian was “a debt relief programme designed by the Debt Management Office, which will help states restructure their commercial loans currently put at over N660 billion, and extend the life span of such loans while reducing their debt-servicing expenditures.”
The presidential spokesman said that at no time did President Buhari approved drawing funds for the relief package from the remaining balance in the Excess Crude Account or “the “liquidation” of the account as some media outlets have wrongly reported.”
“No such decision has been taken or approved by President Buhari, and last week’s meeting of the National Economic Council clearly concluded that the Excess Crude Account should be left untouched at this time,” Adesina said.
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