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Intervention Fund: Presidency Sets Aside N300bn For States by sayyid(m): 9:15am On Jul 28, 2015 |
The planned financial intervention of the
presidency to bailout states in distress would
be fully implemented in a couple of weeks,
the presidency says.
In a statement issued by the Senior Special
Assistant to the Vice President on Media and
Publicity, Laolu Akande, the presidency
said meetings are being held between
members of the Federation Account
Allocation Committee (FAAC) and the Central
Bank of Nigeria (CBN), and also between CBN
and commercial banks.
According to the statement, the meetings
were meant to determine the details of the
special intervention fund and the debt relief
programme of the President for states.
The meetings were also reviewing loan
profiles of the states, addressing issues
weaved around restructuring of existing loans
including time span, and reconciling the
figures.
“Already, it has been agreed that existing state
loans be restructured for 20 years, and
regarding the bond option, the rates to be
applied will be market-based but with a cap to
make it affordable.
“Within weeks from now, the states are expected
to start benefitting from two other parts of the
presidential intervention,’’ the statement added.
The presidential intervention would make
available more funds to the state
governments which otherwise would have
been removed at source by the banks,
Vanguard reports.
Akande, explained that so far, the states have
drawn from the Nigeria Liquefied Natural Gas
taxes and dividends which amounts to 2.1
billion dollars in addition to the N518 billion
federation account allocation shared last
week.
He also recalled that during the last National
Economic Council (NEC) meeting, the states
were encouraged to take certain steps to
avert similar financial distress in future.
The steps include making the payment of
salaries a first-line charge; increasing their
internally-generated revenue; cleaning up their
payroll to eliminate “ghost workers’’ and
opening fully-functional Debt Management
Offices.
Nigerian governors had a closed-door NEC
meeting with Vice President Yemi Osinbajo, on
Thursday, July 23 , at the presidential villa,
Aso rock. www.naij.com |
Re: Intervention Fund: Presidency Sets Aside N300bn For States by Nobody: 9:17am On Jul 28, 2015 |
Nice work your excellency. we dey your back |
(1) (Reply)
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