Ekiti State Budget Support Fund for January released by the FG

Nigeria - Ekiti State Governor, Ayodele Fayose, on Saturday, said the Federal Government had released the withheld January Budget Support Fund to the state.

The governor, who did not give details of the efforts he made to secure the release, however, thanked the Minister of Finance, Mrs. Kemi Adeosun, for her efforts.

We’ve no choice but to borrow $30bn says Nigeria's Finance Minister Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the inability of the Federal Government to generate enough revenue to meet its obligations had left it with no other choice than to turn to international financial institutions for loans to finance critical infrastructure projects.

She said that with a huge monthly personnel expenditure of about N210bn, coupled with additional debt service burden of N120bn,making a total of N330bn every month, it had become difficult with the low receipts from oil to generate enough revenue to meet these obligations as well as fund capital projects.