FG SUSPEND LOAN DEDUCTION FROM STATES’ MONTHLY ALLOCATION

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The Federal Government has concluded plans to suspend loan deduction from monthly Federal Allocation due to states. Minister of Finance, Kemi Adeosun made the disclosure at the end of the monthly National Economic Council meeting presided over by Vice President Yemi Osinbajo. Governors from the 36 states of the country converge on the council chambers for the 2nd National Economic Council meeting.

The arrival of the Vice President commenced the meeting. After hours of behind the curtains deliberations, the Minister of Finance, Nassarawa State Governor and Corp Marshal of the Federal Road Safety Corps took turn to brief State House Correspondent. Minister of Finance says deferral of deduction of loans from the monthly Federal Allocation due to state is major resolution of the NEC. She maintains that the initiative is to further stimulate the economy by assisting state to pay salary.

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