States Owe Federal Government N16.6bn, Says Edun
State governments across the Federation currently owe the federal government a total of N16.6 billion, Finance Minister Wale Edun has disclosed.
Edun made the revelation to State House correspondents following Thursday’s National Economic Council (NEC) meeting in Abuja. In his presentation on the federation’s financial accounts as of December 10, 2024, Edun provided details of the financial standing of key federal accounts.
He reported that while states collectively hold surplus funds amounting to N363.4 billion with the federal government, they also have a combined deficit of N16.6 billion. He stated: “As regards the surpluses that states have with the federal government, that figure is currently N363.4 billion, while the states’ deficit position with the federal government stands at approximately N16.6 billion.”
Edun also gave updates on special accounts, including the Excess Crude Account, which holds just over $400,000; the Stabilization Account, with a balance of N33.3 billion; and the Development of Natural Resources Account, which stands at N23 billion.
He emphasized the importance of transparency in managing these accounts and underscored the need for states to address their outstanding obligations to the federal government.
Additionally, Edun highlighted a presentation by the Presidential Food Systems Coordination Unit (PFCU), chaired by Vice President Kashim Shettima. The unit outlined its efforts to strengthen Nigeria’s agricultural sector, including the National Crisis Response Plan, the Green Imperative Project, and a National Agricultural Production Planning Mechanism.
The NEC expressed support for the unit’s initiatives and requested a summary of its key achievements to be presented at the next Council meeting.
“Food insecurity is a global phenomenon, but Nigeria’s reforms, particularly in agriculture, are beginning to yield results,” Edun noted. “The wet season harvest has been favorable, and food prices are stabilizing in many parts of the country.”
