President Muhammadu Buhari has approved over N400bn to assist States finding it difficult to pay salaries of civil servants.
The
relief package include the sharing of about $2.1b (N413.7bn) in fresh
allocation between the states and the federal government.
The money was sourced from recent LNG proceeds to the federation account, and its release was okayed by the President.
It was
also described as a Central Bank-packaged special intervention fund that
will offer financing to the states, ranging from between N250bn to
N300bn.
This
would be a soft loan available to states to access for the purposes of
paying backlog of salaries, as well as “a debt relief program proposed
by the Debt Management Office, DMO, which will help states restructure
their commercial loans currently put at over N660bn, and extend the life
span of such loans while reducing their debt-servicing expenditures.”
About half of Nigerian States have not paid their workers in months.
The fund is expected to be released in few days.
Source :Daily Post
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