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LequteMan
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Ghana and the government of the oil-rich island of Sao Tome & Principe are yet to fully repay a $45 million (about N7.2 billion) loan advanced to them from the Stabilization Fund by the Obasanjo administration in 2007, a report by the Nigeria Extractive Industries Transparency Initiative, NEITI has said.
In the report, which detailed how the Nigerian government mismanaged its special funds, NEITI also said that six oil producing states given another N34 billion loan from the Special Fund are yet to pay back more than N28 billion as at December 2011.
The agency stated these during the public presentation of two independent reports – the Fiscal Allocation and Statutory Disbursement Report, and the Solid Minerals Audit Report.
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Source: Premium Times
In the report, which detailed how the Nigerian government mismanaged its special funds, NEITI also said that six oil producing states given another N34 billion loan from the Special Fund are yet to pay back more than N28 billion as at December 2011.
The agency stated these during the public presentation of two independent reports – the Fiscal Allocation and Statutory Disbursement Report, and the Solid Minerals Audit Report.
Click here to read more
Source: Premium Times
