Governors of the 36 states of the federation have asked the federal government to defer the repayment of the bailout loans billed to commence this month.

This was one of the major highlights at the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo at the presidential villa yesterday.

Revealing the governor’s request in a statement he issued yesterday after the meeting, spokesman of the vice president, Laolu Akande, said, “On the Budget Support Facility, State Governors restated their request to defer the repayment of the loans, which was to have started this month.

During the meeting, Chairman of the Nigeria Governors Forum (NGF) Kayode Fayemi had insisted the Governors wanted the loan repayment due in May to be deferred.

Also Read: Senate Urges FG To Delay Deployment Of 5G Network In Nigeria

However, Emefiele insisted the States should begin the repayment without future delay especially the monies owed to the banks.

The CBN boss stressed there were challenges arising from delays particularly as it concerned auditing.

“On the Budget Support Facility, State Governors restated their request to defer the repayment of the loans, which was to have started this month.

“Ekiti State Governor, Dr. Kayode Fayemi, who is also Chairman, Nigeria Governors’ Forum, reported interactions with the Finance Minister and the CBN Governor regarding the matter.

“The CBN Governor, Godwin Emefiele, also emphasised the importance of the timely repayment of loans, especially those owed to commercial banks, indicating the challenges inherent in a further delay in payment, including audit concerns. He said the repayment of the commercial loans should resume this month.

“In addition, the Vice President stated that he will be holding a meeting soon with representatives of the State Governors, the Finance Minister and the CBN Governor to resolve the issue raised,” the statement reads.

The statement also noted that the Nigerian Sovereign Investment Authority (NSIA) has recorded a 343 per cent growth in Total Comprehensive Income, totalling N160.06 billion in 2020 compared to N36.15 billion in the previous year and 33 per cent growth in Net Assets, rising up to N772.75 billion from the previous N579.54 billion.