Govt hires firms to monitor N510b budget facility

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The Federal Government has appointed eight accounting firms to monitor and evaluate the implementation of the 22-point Fiscal Sustainability Plan (FSP) which specified the conditions under which 35 state governments in June last year started accessing the N510 billion Budget Support Facility (BSF). A statement from the Federal Ministry of

Finance yesterday explained that the BSF, a 12-month standby loan facility, was designed to bring immediate financial relief to state governments and enable them meet their financial obligations with a monthly N50billion in the first three months and N40billion for the remaining nine months to the states.

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