L
LequteMan
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The federal government is set to release a new set of bailout funds to state governments in a bid to arrest the situation of the country's economy. Several conditions are however attached to getting the funds.
The proposed facility, aimed at providing support to overcome the current financial challenges, would be subject to states meeting a stringent 22-point reform agenda called the Fiscal Sustainability Plan, the Finance Ministry said.
The FSP was unanimously agreed by state governors during the National Economic Council meeting held on May 19, 2016.
It encompasses a framework of reform measures including the requirement to publish audited financial statements and budgets, the Bank Verification Number payroll review exercises to sanitise payroll costs, and limits on recurrent expenditure levels.
Other reforms will also see state government meeting specific targets to enhance their Internally Generated Revenue.
Punch
The proposed facility, aimed at providing support to overcome the current financial challenges, would be subject to states meeting a stringent 22-point reform agenda called the Fiscal Sustainability Plan, the Finance Ministry said.
The FSP was unanimously agreed by state governors during the National Economic Council meeting held on May 19, 2016.
It encompasses a framework of reform measures including the requirement to publish audited financial statements and budgets, the Bank Verification Number payroll review exercises to sanitise payroll costs, and limits on recurrent expenditure levels.
Other reforms will also see state government meeting specific targets to enhance their Internally Generated Revenue.
Punch
