The Central Bank of Nigeria (CBN) has approved the request by Deposit Money Banks (DMBs) to provide financial accommodation to state governments to enable them to pay the backlog of salaries of their workers.

This is contained in a statement on Wednesday in Abuja by the Director, Corporate Communications, CBN, Mu’azu Ibrahim.

According to the statement, the approval was based on the CBN’s decision to collaborate with relevant stakeholders to consider ways of liquidating the outstanding staff salaries owed by state and local governments.

“The conditions for accessing the loan facility include State Executive Council authorisation, state House of Assembly consenting to the loan package, as well as issuance of Irrevocable Standing Payment Order (ISPO) to ensure timely repayment.

“Out of the 27 states involved, funds have been disbursed to two states namely Zamfara and Kwara states that met the requirements as agreed with their respective banks.

“Efforts will be made in the coming days to conclude disbursements to other states so that all outstanding salaries to civil servants can be cleared,” it stated.

(NAN)

http://businessdayonline.com/2015/08/states-bailout-banks-to-release-funds-for-salary-arrears/ lalasticlala

Thank God atleast some people can eat properly. #owo lofin do something.

Oh I forgot

FTC ............ Lady f introducvert? Where yall at

Good for them, money for our governors to siphon again.

Ok

ok

Thanks nairaland for sending me birthday wishes.


Today is my birthday, please I just need 20likes to fill my day

welcome development. The turn-up with my guys on Friday will be masssssive!!!

Na wah oh

until we see alert..

*climbs palm wine tree*

I didn't not read the above post...

Imagin a day without wailing wailers...


My joy is that we don't Have a clueless president but a vibrant and proactive president..



Never in this country will a dull cowboy rule us again..

Wow , thats a very goodnews . Currently dancing Shakiti bobo

Sai baba

Okay now, that's a good development but the issue is that our polithiefians may still divert the money, but then again, I trust that under this present Government the may not.... Now over to Rivers if they're among the state, they should pay excorpers that sacrificed a lot to serve their communities...and for Amaechi...all I wish him is kirikiri!

Aregbe...

Another achievement

Buhari to sack Lamorade today

Hmmm

Ok

Stories dat touch will begin to erupt now but...


...I don't get it. I taught they said this is a fund to be released for d states to pay d salary arrears. Is it a loan or a free disbursement? Aint d state governors supposed to come out and publicly defend the cause of their inabilities to pay before? What is d evidence that this particular rescue fund/loan will still be used appropriately and who's gonna pay the money back?

At last! People should not suffer for the failure of government to plan.

But again, measures should be put in place to ensure this doesn't repeat itself.

The governors will finish the money again oh. Why don't they pay the money directly to the employees account??

Scam everywhere,tot they have done diz long time ago.

nvnnyz:
I didn't not read the above post...

Olagbara ooooooo

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Cool

PMB is working. Wailers are wailing.

Well let's see how the economy will react.

We need a financial team ASAP, plus I'm still wondering how the President is operating without a Chief of Staff, plus of. SGF for almost 100 days, and people believe we aren't on auto pilot mode.





ThefakeStan

For how long will states keep borrowing to pay workers?

Na so o. Like Koker talk Owo na fin do something. More money, less wahala

Pls wot is Osun State government doin?