The Federal Government has approved and directed the Central Bank of Nigeria to release the sum of N28b as budget support loan facility for thirty five states.
(NAN) reports that these were some of the outcomes of the National Economic Council Meeting.
Minister of Budget and National Planning Udoma Udo Udoma said council approved the sum of N800million to each of the 35 States of the federation as budget support loan facility for July and August.
He also gave an update on the economy saying Signs of recovery had been observed since Q3 2016 and the Recovery consolidated in Q3 2017, with GDP doubling to 1.40%.
Council was also informed that a list of about 500 Nigerians with property and trusts abroad has been obtained to determine their tax compliance status at home.
Minister of Finance, Kemi Adeosun explained to council that such Nigerians can take advantage of the Voluntary Assets & Income Declaration Scheme, VAIDS, to settle past taxation defaults.
Council was also informed of questionable loans granted by some of the Revenue Generating Agencies.
Council directed the Committee to conclude its report under four weeks and fully report back to Council in the next meeting.
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