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.
Nat. Standard3 months ago
Minister, Idris, challenges Senate to review outdated laws to improve performance in the information sector
Education2 months ago
Hours after suspending accreditation of degree certificates from Benin Republic, Togo, FG set to extend sanction to Uganda, Kenya, others
Sports2 months ago
Ayanwale emerge winner of Seyi Tinubu Table Tennis Challenge as Ogunlende, Bolowotan task youths on sports involvement
NCC3 weeks ago
Telecom Indicators: Nigeria sees steady increase in active voice and internet subscriptions, drop in teledensity
Aviation3 months ago
UAE grants Air Peace direct flight approval to Dubai
Agribusiness1 month ago
Borno government tasks media on sustaining public interest, core values
Aviation2 months ago
Aviation agencies: Tinubu sends more directors packing
Aviation2 months ago
Tinubu sacks FAAN, NAMA MDs, 4 others in aviation