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States Owe Federal Gov’t N16.6bn, Says Edun

State Governments across Federation owe the federal government a total of N16.6 billion, Finance Minister Wale Edun has said.

He revealed this to State House correspondents after Thursday’s National Economic Council (NEC) meeting in Abuja.

In his presentation on the federation’s financial accounts, Edun outlined the financial balances of key federal accounts as at December 10, 2024.

He reported that while States collectively hold surplus funds amounting to N363.4 billion with the federal government, they also carry a combined deficit of N16.6 billion.

He said: “Also reported that the as regards the surpluses that states have with the federal government, that figure is currently N363.4 billion, while the state have a deficit position with the federal government, stands at approximately N16.6 billion. So, those were the figures that we reported. And those figures as at December 10, so they are up to date figures of those situations.”

Additionally, Edun provided updates on special accounts, including the Excess Crude Account, which holds just over $400,000; the Stabilization Account, with a balance of N33.3billion, and the Development of Natural Resources Account, standing at N23billion.

The minister emphasised the significance of transparency in managing the accounts and ensuring that states address their outstanding obligations to the federal government.

Edun also highlighted a presentation by the Presidential Food Systems Coordination Unit (PFCU), chaired by Vice President Kashim Shettima.

The unit outlined its initiatives aimed at strengthening Nigeria’s agricultural sector, including the National Crisis Response Plan, the Green Imperative Project, and a National Agricultural Production Planning Mechanism.

The NEC resolved to support the unit’s efforts and requested a summary of its key achievements to be presented at the next Council meeting.

“Food insecurity is a global phenomenon, but Nigeria’s reforms, particularly in agriculture, are beginning to yield results,” Edun said. “The wet season harvest has been favourable, and food prices are stabilising in many parts of the country.”

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