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Supreme Court Judgment: There are Impediments to Direct Payments to LGs, Says Wale Edun
![Supreme Court Judgment: There are Impediments to Direct Payments to LGs, Says Wale Edun](https://global.ariseplay.com/amg/www.thisdaylive.com/uploads/Wale-Edun-3.jpg)
*FG to float $500m bond for Nigerians in Diaspora Soon
Ndubuisi Francis in Abuja
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale
Edun has disclosed that there are certain undisclosed impediments to direct payment to the local governments following the recent ruling by the Supreme Court.
The apex court had ruled that federal allocations to the local councils should
be directly paid to them as against the extant structure of paying into state/local government joint accounts in the 36 states of the federation.
Although the minister did not give details on the impediments, he also disclosed that
the federal government would float the much advertised $500 million bond for Nigerians in the Diaspora in the next four weeks.
Edun said the bond would enable Nigerians abroad to invest their funds at home.
The minister who spoke about the economic situation, noted that the federal government had made considerable progress in its fiscal management, citing a decline in debt service and an improvement non-oil revenue.
Edun stated that the debt service ratio had dipped from 97 per cent in June 2023 to 68 per cent.
Details soon…