States Owe FG N16.6bn, Says Edun

States across Nigeria owe the federal government a total of N16.6 billion, finance minister, Wale Edun, has said.

He disclosed this to State House correspondents after the National Economic Council (NEC) meeting in Abuja yesterday.

In his presentation on the federation’s financial accounts, Edun outlined the financial balances of key federal accounts as of December 10.

He reported that while states collectively hold surplus funds amounting to N363.4 billion with the federal government, they also carry a combined deficit of N16.6 billion.

Additionally, Edun provided updates on special accounts, including:The Excess Crude Account, which holds just over $400,000. The Stabilization Account, with a balance of N33.3 billion. The Development of Natural Resources Account, standing at N23 billion.

The minister emphasized the significance of transparency in managing these accounts and ensuring that states address their outstanding obligations to the federal government.

Edun also highlighted a presentation by the Presidential Food Systems Coordination Unit (PFCU), chaired by Vice President Kashim Shettima.

The unit outlined its initiatives aimed at strengthening Nigeria’s agricultural sector, including the National Crisis Response Plan, the Green Imperative Project, and a National Agricultural Production Planning Mechanism.

The council resolved to support the unit’s efforts and requested a summary of its key achievements to be presented at the next NEC meeting.