The president’s office said the government of President Muhammadu Buhari had distributed more than N2 trillion in bailout packages to state governments. The bailout should allow them to meet their salary and pension obligations, especially in the face of reduced oil revenues.
The Presidential Communications Team released a fact sheet yesterday highlighting the Buhari government’s achievements in various areas from 2015 to 2023, including this information.
The report said the packages to state governments included an N614 billion Budget Support Facility, $5.4bn Paris Club Refunds, N700bn Infrastructure Loans & Refunds and a reduction in debt service burden amounting to N575.5bn.
It also said the anti-corruption drive of the Buhari administration had yielded more than N210bn in recoveries from inflated, misappropriated, misapplied personnel budgets and capital expenditures by various government agencies.
In 2022, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), according to the fact sheet, recorded N91bn in recovered stolen assets.
In the area of infrastructure, the report said more than N600bn worth of Sukuk Bonds had been raised since 2017 for more than 40 critical road projects across all six geopolitical zones.
“Between November 25 and December 13, 2021, the Federal Government handed over to benefiting communities 941 km of completed Sukuk road projects connecting 10 states in five geo-political zones of the country,” it added.
The report states that Dangote Group, MTN, BUA, NLNG, and NNPC Limited have mobilized or committed about N3 trillion through Executive Order 7 for road projects across all six geopolitical zones.
The Order, issued by President Buhari on January 25, 2019, allowed companies willing and able to spend their funds on constructing critical roads to recover their construction costs by paying reduced taxes over some time and in a transparent manner.
cc: Daily Trust Ng
