FG Gives N656 Billion Financial Support to 36 States, As Each State Will Receive N18 Billion

FG Gives N656 Billion Financial Support to 36 States, As Each State Will Receive N18 Billion

  • The Central Bank of Nigeria is currently processing bridge financing worth N656billion for state governments which will be spread for over 6 months
  • The fund was approved by President Buhari for states to meet their financial obligations, with each state receiving N18billion
  • The federal government is also ramping up COVID-19 vaccine roll-out to reach 50% of a targeted population

FCT, Abuja - In a bid to help state governments meet their financial obligations, especially the previous budget support facility due for repayment, President Muhammadu Buhari has approved a fresh N656billion bridge financing facility to the 36 states. Each state would receive N18.2billion.

This was disclosed on Thursday, November 18 at the National Economic Council (NEC) meeting, which was held virtually and presided over by Vice President Yemi Osinbajo, with governors, ministers, the Central Bank of Nigeria (CBN) governor, and other senior government officials in attendance.

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The virtual NEC meeting was presided over by VP Osinbajo. Photo credit: Aso Rock Villa
Source: Facebook

The minister of finance budget and national planning, Dr. Zainab Ahmed, informed the council that the bridge facility is now being processed by the CBN.

The approved bridge facility of N656.112billion will be disbursed in six tranches over a period of six months to the states.

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Expectedly, each of the 36 states will have a total loan amount of N18.225billion; with a 30-year tenor, and a 2-year moratorium at an interest rate of 9%.

The facility is to help the states afford the repayment of previous bailout facilities guaranteed for them by the federal government.

Also at today’s NEC, the Executive Director/CEO of the National Primary Health Care Development Agency (NPHCDA), Dr. Faisal Shuaib, informed the council on the status of the country’s COVID-19 vaccine roll-out.

Dr. Shuaib noted that Nigeria has received over 100 million doses of COVID--19 vaccines (from COVAX, African Union, other countries) which he said was sufficient to ramp up vaccination for about 50 percent of the targeted population.

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He added:

“The total eligible population of Nigerians for the vaccine is over 111 million. Given the availability of vaccines, we have started rolling out a plan to vaccinate 50 percent of Nigerians, 18 years and above by January 31st, 2022.”

In his presentation to the council on state performance report on COVID-19, the Director-General, Nigeria Centre for Disease Control (NCDC), Dr. Ifedayo Adetifa said Nigerians must continue to maintain and sustain the COVID-19 response, especially as it enters the holiday period where there will be anticipated travels within and outside the country, as well as mass events to herald the holiday season.

The DG, NCDC added that the Delta variant of the COVID-19 is still the dominant strain of concern in the country.

NEC: States, FG to pay compensation to victims of #EndSARS protests

Recall that the NEC met on Friday, October 15 where it was resolved that the federal government will pay compensation to victims of the #EndSARS protests.

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The council had at the time, also strongly advised against planned protests to mark the #EndSARS anniversary considering Nigeria's current security situation.

NEC urged the organisers to consider other options while reeling out its resolutions on how to solve the issues raised.

CBN to empower Nigerian undergraduates, graduates

Meanwhile, the CBN has taken a major step to ensure graduates and undergraduates in Nigeria are empowered financially.

The apex bank recently disclosed that it would extend its support to the youths in tertiary institutions with grants.

The bank announced that it would give out the sum of N500million to five top Nigerian polytechnics and universities with the best ideas to promote their enterprise.

Source: Legit.ng

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