FG Plans To Reduce Debts Through Foreign Direct Investment

Written by on December 2, 2022

The Federal Government says it is working hard to ramp up the number of foreign investors in the various sectors of the nation’s economy, and also reduce its reliance on debts.

Speaking to state house correspondents today after meeting with President Muhammadu Buhari privately in his office, the Executive Secretary of the Nigerian investment promotion commission, Saratu Umar explained that government is looking to improve it’s Investment master plan to develop the economy.

She further underpinned that the commission is committed to advancing foreign direct investment as well as facilitating import substitution.

Meanwhile, the presidency has announced that nine oil-producing states have received 13 percent derivation totalling 625.43 billion naira, subsidy and SURE-P refunds from the Federation Account in the last two years.

According to a statement issued today by the Senior Special Assistant to the President on media and publicity, Mister GARBA SHEHU, the states listed to have received the refunds dating from 1999 to 2021 include Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.

The Presidency again revealed that the benefitting states still have an outstanding balance of 860.59 billion naira from the refunds, which it said was approved by President Muhammadu Buhari.

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