- Nigeria's President Muhammadu Buhari has okayed the release of N656.1 billion for all 36 states in the country
- The funds were said to cushion the effects of the ongoing repayment of each state's previous bailout facilities
- The announcement was made at the National Economic Council (NEC) meeting on Thursday, November 18
Nigerian governors can breathe a sigh of relief as President Muhammadu Buhari approved N656.112 billion as Bridge Financing Facility to 36 states.
It was gathered that each state would receive N18.225billion with a 30-year tenor, and a 2-year moratorium at an interest rate of 9%
Laolu Akande, the vice president’s spokesman, in a statement said this was towards cushioning the effects of their repayment of three federal government bailout facilities.
Do you have a groundbreaking story you would like us to publish? Please reach us through email@example.com!
According to him, the approved bridge facility of N656.112billion would be disbursed in six tranches over a period of six months to the states.
In another report by ThisDay, Zainab Ahmed, the minister of finance, budget and national planning, revealed Buhari gave the go-ahead Buhari for the funds in order to enable them meet their salary obligations.
He said the 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).
She explained that the modalities of the facility has been worked out, adding that the disbursement would commence by the Central Bank of Nigeria (CBN) very soon.
Senate approves Buhari’s $16bn, €1bn foreign loans request
Earlier, Legit.ng reported that amid harsh economic realities, the Senate on Wednesday, November 10, approved the sum of $16billion, €1billion and a grant of $125million as foreign loans of Buhari, to fund its legacy projects.
The red chamber specifically approved the issuance of €500million from the Bank of Industries and €750millon Eurobond in the International Capital Market.
It asked the President to forward the terms and conditions of the loan from the funding agencies to the National Assembly.