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Govs Endorse CBN’s Proposal For States To Access N15 Trillion ilInfrastructure Funding, NSIA N2Trillion



By Matthew Ogune, Abuja
Governors of the 36 states under the auspices of the Nigeria Governors Forum (NGF) have endorsed the proposal of the Central Bank of Nigeria (CBN) for states to access N15 trillion Naira for national infrastructure funding through INFRACREDIT at a lower interest rate of 5 percent.

Chairman of the forum and Ekiti state Governor, John Kayode Fayemi
who disclosed this on Friday in Abuja maintained that members also endorsed the proposal by the National Infrastructure Investment Fund (NIIF) under the auspices of the Nigeria Sovereign Investment Authority (NSIA) such that a total sum of N2 Trillion Naira at 9 percent interest could be accessed.

According to him, the resolution came after Governor Nasir El Rufai of Kaduna who is the Chairman of the National Economic Council (NEC) Adhoc Committee on Leveraging Portion of Accumulated Pension Funds for Investment in NSIA, briefed the Forum on a proposal.

Fayemi noted that both were not mutually exclusive and could be adopted simultaneously with one streaming into the other.

He said that the forum has agreed to Meet with Mr. President as soon as possible to address security challenges across the country particularly in the light of the carnage in Borno State.

He said that the forum is currently intervening in resolving the lingering Academic Staff Union of Universities (ASUU) strike and has secured certain concessions from the Federal Government with the hope that the strike action will be called off shortly

Fayemi said that members encouraged the Federal Government and the ASUU to hasten the implementation of the truce elements in their resolutions so as to allow schools
reopen immediately.

Other resolve by the members according to Fayemi are: “Support the necessary reforms that will result in a police force that works for all. As an immediate to medium-term measure, members agreed to pay close attention to the conduct of police officers across the country in order to get them and other internal security operatives fully back to work as they have not been functioning to full capacity since the EndSARS protests with the attendant security exposure to the safety of lives and properties of the ordinary citizens.

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“Maintain its stance that stamp duties belong primarily to States and the various collection platforms
are channels of payment to the States; while aligning with the guidance provided by its lawyers and experts.

“Direct State Attorney Generals to review the Water Resources Bill and send their input to the Nigeria Governors’ Forum Secretariat as quickly as possible.

“Agree to keep active and operational the State COVID -19 Task Force Teams and Emergency Operation Centers (EOCs) in addition to ensuring the prompt release of funds as outlined in the
State Incidence Action Plans (IAP), keeping temporary treatment centers open, ramping up COVID-19 testing across the country, and support the planned “COVID-19 Testing Week’ to be
launched by the PTF.

“Commit to achieving the second Eligibility Criteria (EC) requirement of publishing online their approved FY21 Annual State Budget, prepared under the National Chart of Accounts, by 31st
January 2021. Governors also restated their commitment to implement reforms associated with the programme including the deployment of a Geographic Information System (GIS) technology to support effective land administration and an efficient property tax system.

“Inaugurate the NGF-NESG Economic Roundtable (NNER) Steering Committee, whose technical committee is to commence the implementation of the strategic plan; which includes but not limited to the national mapping of subnational endowments; global mapping of sub-national entities for global competitiveness and development of competitiveness toolkits.”


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