NIGERIA : BUHARI BAILS OUT STATES WITH =N=713.7 BILLION PACKAGE FOR WORKERS SALARIES

Nigerian President, Muhammadu Buhari has approved a relief package valued at 713.7 billion naira to bail out states in the lingering crisis of unpaid workers salaries.
According to Vanguard, the three-pronged relief package that will end worker's plight include:
The sharing of about $2.1 billion (N413.7bn) in fresh allocation between the states and the Federal Government. The money is sourced from LNG proceeds to the Federation Account, and its release okayed by the President.

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;

And a debt relief program proposed by the Debt Management Office, DMO which will help states restructure their commercial loans currently put at over 660 billion naira and extend the life span of such loans while reducing their debt sevicing expenditures.


Vanguard.