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Debt: FG To Increase Number of Foreign Investment

Buhari Asks Foreign Delegates Not To Interfere With Nigerian Politics

The Federal Government (FG) said it is working hard to increase the number of foreign investors in the country’s various sectors of the economy while also reducing its reliance on debt.

Speaking to state house correspondents today after meeting privately with President Muhammadu Buhari in his office, Saratu Umar, Executive Secretary of the Nigerian Investment Promotion Commission, explained that the government is looking to improve its investment master plan in order to develop the economy.

She also stated that the commission is committed to promoting foreign direct investment and facilitating import substitution.

Meanwhile, the presidency announced that in the last two years, nine oil-producing states received 13 percent derivation totaling 625.43 billion naira, subsidy, and SURE-P refunds from the Federation Account.

According to a statement issued today by Mister GARBA SHEHU, Senior Special Assistant to the President on Media and Publicity, Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers are among the states that have received refunds ranging from 1999 to 2021.

Abia State received 1.1 billion naira, Akwa-Ibom received 15 billion naira, Bayelsa received 11.6 billion, Cross River received 432 million, Delta State received 14.8 billion, Edo State received 2.2 billion naira, Imo State received 2.9 billion, Ondo State received 3.7 billion, and Rivers State received 12.8 billion naira.

The States were paid in eight instalments between October 2, 2021 and January 11, 2022, while the ninth to twelfth instalments are still outstanding.

The Presidency recalled data obtained from the Federation Account Department, Office of the Accountant General of the Federation, which it said showed that a total of 477.2 billion naira was released to the nine states as refund of the 13 percent derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of 287.04 billion naira.

The statement adds that states also got 64.8 billion naira as refund of the 13 per cent derivation fund on deductions made by NNPC without payment of derivation to Oil Producing states from 1999 to December.

The Presidency again revealed that the benefitting states still have an outstanding balance of 860.59 billion naira from the refunds, which it said was approved by President Buhari.

The States were paid in eight installments between October 2, 2021 and January 11, 2022, with the ninth to twelfth remaining unpaid.

According to data obtained from the Federation Account Department, Office of the Accountant General of the Federation, a total of 477.2 billion naira was released to the nine states as refund of the 13 percent derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of 287.04 billion naira.

The states also received 64.8 billion naira as a refund of the 13% derivation fund on deductions made by NNPC without payment of derivation to Oil Producing States from 1999 to December, according to the statement.

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