Supreme Court Judgment: There are Impediments to Direct Payments to LGs, Says Wale Edun

*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…