the 36 state governors have resolved to hold discussions with Buhari to seek a lasting solution to the worsening macroeconomic challenges confronting the nation, especially on how to achieve foreign exchange stability.
In addition, the state governors, under the aegis of the Nigerian Governors’ Forum (NGF), have said that no state has received bailout funds from the federal government.

“The value of our national currency, the naira, has since the beginning of the year persistently plummeted against other international currencies, especially the US dollar, thereby causing inflation,” the governors said at the end of their meeting Wednesday night.

Addressing journalists, the Chairman of NGF and governor of Zamfara State, Alhaji Abdulaziz Yari, said the governors resolved to meet Buhari to find ways of addressing the worsening economy situation in the country and also to create a clear policy direction for the country in order to stimulate domestic production.

While clarifying the situation on the bailout for the states, the governor explained that the money shared by the states was their normal statutory allocation from the tax paid to the federation by the Nigerian Liquefied Natural Gas (NLNG) company and the Federation Account allocation through the Federation Account Allocation Committee (FAAC).

“This is to inform the media that the federal government has not given any bailout to any of the states. What was shared last time was monies from NLNG and FAAC, and as we have been saying, we have not been looking for a bailout.

“Instead, we have been looking for all monies that are in the coffers of the federation, most especially, we are talking about some of the monies that have been in the coffers of government that need to be brought together for the purpose of sharing by the states,” he said.

The NGF chairman further explained that based on concerns raised by the CBN governor that “taking the monies from the Excess Crude Account, most especially as our (foreign) reserves are going down and will affect the exchange rate, putting the naira under pressure, the government decided to make a special intervention fund available so that this can be accessed as loans by states for us to pay salaries”.

Yari said: “We are not taking any bailout from the federal government and the federal government did not give us any bailout. But we are talking about how best the intervention fund will happen within the next few days, so that we will be able to settle the issue of salaries and other operations in the states.”

The resolutions of the governors after the meeting read: “To discuss with Mr. President to seek lasting solutions to the worsening macroeconomic challenges confronting the nation, especially on foreign exchange stability.

“To work with Mr. President to ensure coherent policy actions that will create a clear policy direction for the country and stimulate domestic production.

“To collaborate with the federal government to ensure that the National Health Act is operational and the one per cent funding for primary health care is provided for in the budget.

“Sequel to the presentation made by the country representative of the Bill and Melinda Gates Foundation, the forum agreed to aggressively support the total eradication of polio in the country.”