The Minister of Finance, Mrs. Kemi Adeosun, who presided over the meeting that lasted for over four hours, confirmed the amount while briefing journalists in Abuja. In addition, the minister said the sum of N47.73bn was given to the oil producing states based on the 13 per cent derivation principle. The finance minister also disclosed that the accruals into the Excess Crude Account remained at $2.31bn. Yunusa, who is the Commissioner for Finance, Adamawa State, stated that many state governments had embarked on cost-cutting measures so as to have revenue to implement capital projects. This, he added, was in line with the Federal Government’s fiscal sustainability plan, which the states signed on to early last year.

Source: Punch January 23, 2018 23:37 UTC