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Only seven states have met requirements stipulated to access N90bn conditional loan facility by the Federal government.
According to PUNCH, a top government official stated that documents of the states that had applied for the loan facility were being reviewed by the Federal Government.
The source said that barring any last minute change, an approval would be given by the Ministry of Finance to the seven states to access the fund through the bond market.
Some of the conditions for the loan were that a restriction would be placed on states borrowing from commercial banks; all states must publish their financial statements, budgets and the quarterly budget performance; states finances would no longer be shrouded in secrecy and items like security vote, feeding, travel among others would be made visible.
Others were that states would review obsolete revenue laws and tariffs; and redefine Internally Generated Revenue to include non-tax revenue sources that would reflect local opportunities in each state especially in solid minerals.
In the same vein, the states were expected to set target limits for recurrent to capital expenditure; set target for personnel costs as percentage of total budget; clean up their payroll by eliminating ghost workers as well as set up Efficiency Unit to reduce cost of governance.
According to PUNCH, a top government official stated that documents of the states that had applied for the loan facility were being reviewed by the Federal Government.
The source said that barring any last minute change, an approval would be given by the Ministry of Finance to the seven states to access the fund through the bond market.
Some of the conditions for the loan were that a restriction would be placed on states borrowing from commercial banks; all states must publish their financial statements, budgets and the quarterly budget performance; states finances would no longer be shrouded in secrecy and items like security vote, feeding, travel among others would be made visible.
Others were that states would review obsolete revenue laws and tariffs; and redefine Internally Generated Revenue to include non-tax revenue sources that would reflect local opportunities in each state especially in solid minerals.
In the same vein, the states were expected to set target limits for recurrent to capital expenditure; set target for personnel costs as percentage of total budget; clean up their payroll by eliminating ghost workers as well as set up Efficiency Unit to reduce cost of governance.