Home KNN Business FEDERAL EXECUTIVE COUNCIL APPROVES 148 BILLION NAIRA REFUND TO FIVE STATES

FEDERAL EXECUTIVE COUNCIL APPROVES 148 BILLION NAIRA REFUND TO FIVE STATES

FEDERAL EXECUTIVE COUNCIL APPROVES 148 BILLION NAIRA REFUND TO FIVE STATES

The Federal Executive Council, FEC has approved the refund of over 148 billion Naira to five states – Cross River, Ondo, Osun, Bayelsa and Rivers.

Minister of Information and Culture, Lai Mohammed, told State House Correspondents after the virtual FEC meeting on Wednesday that the that it is funds spent by the states on federal road projects.

Mohammed said the memo for the refund was presented by the Minister of Works and Housing, Babatunde Fasola, at a virtual FEC meeting presided over by President Muhammadu Buhari.  

A breakdown of the refunds, per state, shows that Cross River gets more than 18 billion Naira; Ondo more than 7, billion Naira; Osun over 2, billion Naira; Bayelsa over 38 billion Naira and Rivers more than78 billion Naira.

The Minister said the Council had warned that no such refunds would be allowed in the future if any state ventures into projects without the federal government’s approval.