FG settles over N2 trillion capital budget arrears, boosts states’ surplus to N7.1 trillion – Edun

Finance Minister Wale Edun announced that the Federal Government has settled over N2 trillion in outstanding capital budget arrears for the 2024 fiscal year, boosting states' surplus to N7.1 trillion. Edun highlighted the government's commitment to regular repayment of past deductions from the Federation Account, strengthening the fiscal position of states nationwide.

He emphasized the importance of this surplus in providing funding for critical investments, job creation, and higher incomes. Despite global economic challenges, Nigeria is diversifying its exports to drive growth, with a focus on sectors like trade, communication, construction, rail transport, electricity, oil refining, and crop production.

However, the government is facing challenges in redeeming maturing promissory note debt obligations, as the Central Bank of Nigeria has declined requests for overdrafts.