33.5 C
Washington
spot_img

President Buhari approves N656.11bn fresh bailout for 36 states

Date:

Share:

President Buhari has approved a fresh N656.112 billion Bridge Financing Facility to the 36 States. This was disclosed at the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo on Thursday, November 18.
 
A statement released by Laolu Akande, spokesperson of the Vice  President, said each state would receive N18.225 billion with a 30-year tenor, and a 2-year moratorium at an interest rate of 9%.
According to the presidency, this step was taken in a bid to help state governments meet financial obligations, especially the previous budget support facility due for repayment.
The Honourable Minister of Finance Budget and National Planning, Dr Zainab Ahmed, informed the Council that the Bridge Facility is now being processed by the Central Bank of Nigeria (CBN).
 
The approved Bridge facility of N656.112 billion will be disbursed in six tranches over a period of six months to the States.
 
It would be recalled that on 15th of July, 2021, the Council had received updates on the Budget Support Facility to States. At that meeting, the Finance Minister had informed the Council that the deductions from State Governments would commence soon as repayment for the previous bailout from the CBN.

Subscribe to our magazine

━ more like this

The 10 Essential Health Benefits: All You Need to Know

  The Affordable Care Act (ACA) has required insurance plans to cover 10 particular services since 2014. Numerous individual health policies or plans made available...

Monkeypox Diet: 5 Food Items That Will Help You Recover Well Instantly

To recover from monkey pox, incorporate these items into your diet. Cases of monkeypox are quickly increasing throughout India. According to an earlier prediction, the...

Common Fruits You Should Always Eat To Avoid Kidney Diseases

Common Fruits You Should Always Eat To Avoid Kidney Diseases Frequently Eaten Fruits to Prevent Kidney Diseases Some common fruits contain a high concentration of nutritional...

Check Out How To Use Watermelon And Garlic To Prolong The Time With Your Partner Every Night.

  Do you struggle with emptiness and low or insufficient libido all the time? Do you feel apprehensive about getting into bed with your partner?...

7 Herbs and Spices and Their Health Benefits: Here’s Why You Must Add These Culinary Wonders to Your Food

Herbs and spices have been utilized for over a thousand years. Aside from contributing flavor to meals, each has its own set of health...
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here