We have projected that monthly FAAC receipts may decline to below N400bn, over the next 3 to 6 months. Due to the significant drop in international oil prices, FAAC monthly disbursements have declined in recent months to N716.3bn in Jan. & N647.4bn in Feb & N581bn in March 2020.

In order to address the emerging fiscal risks, President @MBuhari has given a number of approvals. He has approved that the sum of US$150 million be withdrawn from the Nigeria Sovereign Investment Authority (NSIA) Stabilisation Fund to support the June 2020 FAAC disbursement.

President @MBuhari has approved that @FinMinNigeria should engage with @cenbank to agree on a debt and interest moratorium for States on Federal Government and CBN-funded loans, in order to create fiscal space for the states, given the projected shortfalls in FAAC allocations.

The details of the moratorium for States on Federal Government and CBN-funded loans will be expeditiously worked out with a view to submitting the final proposals for Mr. President’s guidance and final approvals.