The Federal Capital Territory and the government of 36 states owes the federal government an outstanding loan of N1.72trillion in budget support facilities.

The Accountant General of the Federation disclosed the amount in a presentation of state budget support facility in Office at the 140th meeting of the National Economic Council presided over by Vice President Kashim Shettima at the Aso Rock Villa, Abuja, on Thursday.

Stanley Nkwocha, the Senior Special Assistant to the Vice President on Media and Communications, declared this in a statement he signed on Thursday theme, NEC endorses take-off of $617M i-DICE programme across states.

Former president Muhammad Buhari administration approved N656bn Bridge Financing Facility for the 36 states in 2021.

This was part of earlier interventions to “help state governments to meet their financial obligations,” then-Minister of Finance, Zainab Ahmed said.

The Federal Capital Territory owes N49.11bn and each of the 36 states carries the same debt burden, totalling N1.72tn.

The FG had emphasised that it ceased providing budget support loans in July 2023, partly due to an increase in the federation’s revenue at previous NEC meeting held in November 2023.

Meanwhile, the excess crude account, was $473,754.57, the Stabilisation Account, N33,808,342,662.88, while the Current Balance of Natural Resources stands at N113,925,600,918.68.

On the NEC ad-hoc committee on crude oil theft prevention and control report presented by the Imo State governor, Senator Hope Uzodimma, Nkwocha said.

“On the request of the Vice President and Chairman of Council, Governor Hope Uzodinma of Imo State presented an abridged version of its report on crude oil theft prevention and control on behalf of the NEC ad hoc Committee.

“Governor Uzodinma said the committee met and had far-reaching deliberations and deployed appropriate technologies for data collection. Full report to be tendered at next NEC.”