Kwara Govt To Pay Off Domestic Debt Using ECA Refund … Announces Plans To Flag Off SAPZ , Expand KwaraLEARN

Kwara state Executive Council has given the state government the go-ahead  to offset its local debt stock with the outstanding payments of its share of the Federal Government’s unauthorized deductions from  the Excess Crude Accounts between 2009 and 2015. 

A statement made available to Team@orientactualmags.com noted that this was sequel to the memo presented to the executive council on Monday, by  Commissioner of Finance, Mrs. Olasumbo Florence Oyeyemi urging the council to authorize the Federal Government to settle and defray the state government’s domestic debt to it from the outstanding balance of 60% due to the state from the refunds on the unauthorized debits in the ECA, Petroleum Profit Tax and Royalties Account. 

The Nigeria Governors’ Forum is proposing that each state converts its balance of the deductions to what it equals in its debt to the Federal Government, thereby leading to a drop in or zero debt burdens for the respective states. 

The memo added that the balance of the debits, if any, would be credited/remitted to the state government’s account by the Federal Ministry of Finance, Budget and National Planning and ‘where the 60% cannot defray all the state government’s domestic debt to the Federal Government, the Federal Ministry of Finance will continue the deduction directly from the FAAC Share of the state government as being done before’.

‘The council approval would be transmitted to the House of Assembly for legislative consent. 

The council has also approved the commencement of the Islamic Development Bank-funded Special Agroprocessing Zone (SAPZ) with payment of the counterpart funds for the project which would strengthen food security, create thousands of jobs, promote infrastructural development, and lessen the perennial clashes between farmers and herders. 

The council also approved continuation of the KwaraLEARN, a project that has enabled the government to improve basic education as well as take control of the sector through technology and real-time data of the pupils, teachers and their performances’ the statement added- Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980. Thank you