• Kwara, Osun, Zamfara commence payment of salary arrears, 24 other states to follow
Obinna Chima

In line with the federal government’s resolve to reflate economic activities in the country, the Central Bank of Nigeria (CBN) will this week continue the disbursement of its special intervention fund totalling N338 billion to 27 states in the country.


Already, the funds to Kwara, Zamfara and Osun States were disbursed last week and they have commenced the payment of salary arrears to workers in their respective states, THISDAY learnt yesterday.


A source at the central bank confirmed that more states would get their monies this week.
From the breakdown of funds made available to the first three states to which monies were disbursed last week, Kwara State got a total of N4.320 billion from the special intervention fund, Osun got N34.988 billion, while Zamfara was given N10.020 billion.


The loans repayable at an interest rate of nine per cent over a 20-year period, also showed that Abia State is expected to get N14.152 billion, while Adamawa State will receive N2.378 billion; Bauchi – N8.60 billion; Bayelsa – N1.285 billion; Benue – N28.013 billion; Borno – N7.680 billion; and Cross River – N7.856 billion.


In addition, Delta has got the central bank’s approval to receive N10.036 billion; Ebonyi – N4.063 billion; Edo – N3.167 billion; Ekiti – N9.604 billion; Enugu – 4.207 billion; Gombe – N16.459 billion; Imo – N26.806 billion; Katsina – N3.304 billion; Kebbi – N0.690 billion and Kogi – N50.842 billion.


Nasarawa is also expected to get N8.317 billion, while Niger will receive a total of N4.306 billion; Ogun – N20.00 billion; Ondo – N14.686 billion; Oyo – N26.606 billion; Plateau – N5.357 billion and Sokoto will get N10.093 billion.


The source, a senior central bank official, stressed that with the disbursement of the N338 billion to the 27 states that applied for the special intervention fund, economic growth would be stimulated through the payment of outstanding salaries to workers who have been owed for months.


He explained: “Once salaries are paid, we expect consumption to increase nationwide and this will go a long way in stimulating economic activities.


“After disbursing to Kwara, Osun and Zamfara, more states which applied will get their funds this week, and we have ensured that we kept the interest rate low at 9 per cent and loans repayable over a 20-year period.”


As part of the federal government’s resolve to end the lingering crisis of unpaid workers’ salaries in the country, especially in several states of the federation, President Muhammadu Buhari had approved a comprehensive relief package designed to salvage the situation.


Part of the relief package was the CBN's special intervention fund to be offered to states, which would be in the form of soft loans available to states to access solely for the purpose of paying the backlog of salaries.


The approval of the special intervention fund was sequel to the decision by the National Economic Council (NEC) at its meeting of June 29, 2015, that had requested that the CBN, in collaboration with other stakeholders, should appraise and consider ways of liquidating outstanding workers’ salaries owed by state and local governments.


The conditions for accessing the facility included resolutions of the respective state executive councils (SECs) authorising the borrowings and state Houses of Assembly consenting to the loans, as well as issuance of Irrevocable Standing Payment Orders (ISPOs) to ensure timely repayment at source from the states’ Federation Account allocations.

http://www.thisdaylive.com/articles/bailout-cbn-injects-n338bn-in-27-states-to-stimulate-economy/218955/

Ok

Oboy see money ooooo


I don talk am before say person weh say money no dey this country, na im own pocket d money no dey


Despite our Legisloothing, Probing, Oshomole's revelations, etc....... All these money still dey.....



If I hear say I no make am for this country!!!

When you look at the high-lighted part on the above report you will realize that the bail-out is not a free money from the FG. It is actually a "repayable loans" to those weak states. Those states are actually moving from one level of indebtedness to another.

Only a handful of Nigerian states like Lagos, Rivers, Anambra and Kano can effectively run their affairs without haven to depend on the Federal Government to survive.


GOD Blessed Anambra above all..

naija get money...
see as them they yan this billions of naira like bean cake for them side...
mehn nah the way to get this money outta naija coffers be the real deal...


any opportunist should call my attention lets discuss on this secret issue.

I bow for these four states,. Lagos. Kano. Rivers. .... And Anambra state.

MY RESPECT GOES TO THE FOLLOWING STATES
1. ANAMBRA
2. AKWA IBOM
3. RIVERS STATE
4. KANO STATE

ALSO LAGOS STATE

dubxy:
MY RESPECT GOES TO THE FOLLOWING STATES
1. ANAMBRA
2. AKWA IBOM
3. RIVERS STATE
4. KANO STATE

dubxy:
ALSO LAGOS STATE

Lagos would be stupid if it can't manage its own debts....

EKITI #9.604 bili ok noted

My State Anambra remain indebted to PETER OBI for this feat... In his quote in one of the National Dailies
''"I personally remain indebted to her(Okonjo Iweala)
because it was from her persistent
preaching on the need to save in the Sovereign National Wealth Fund that made
me incorporate savings in foreign currency -
that is why one third of the money we left on
leaving office was in foreign currency, $156
million(N25 billion at that time). With interest
now it would be about $170 million and
with the current rate it is almost N40
billion".

... A worthy ex-governor..

PETER OBI would be good for VICE PRESIDENT 2019

How much are Kogi and Osun's 2015 budget that they're collecting #50b & #35b respectively,just to clear salary arrears?.
Why then do we have them as states if they can't substantially take care of themselves?

[size=15pt]Why isn't Lagos on the list??....when Raji Fashola, SAN (Senior Arm-robber of Nigeria) was busy stealing our money...to build his personal website....Criminals in office[/size]

Finally on the front page, so that some people will see how their states are being ruined and wrecked daily with with loans upon loans..

Some states should be acquired by the big four- Lagos, Rivers, Anambra and Kano..

rewarding bad governance smh. aregbe the scammer dat went to sanfill one site with billions in d name of airport dat has been abandoned go happy die.

ehen...


so states are still being bailed out ehn??


lolll @ 9 percent interest rate

Eeyah....these workers can get paid finally.

Its [size=20pt]LadyF[/size] again

Nigeria JAGA-JAGA

MALLAM ROCHAS..... I know this will be good news.....

Keep embezzling IMO state funds no shaking.....

From the report Imo state got have the highest fund....

OK watch out the Mallam will some deny this soon....

I hope they use it to pay the workers salary and not embezzle it

hmmmm

Rep BENIN

Fraudulent!

Let them squarnder the money again! Looters

Ok oh, we dn hear

.

Ha! Kogi N50 billion

The question remains what did these APC governors used the state allocation for... Sorry i know the answer to rigged election for the ''saint of change''

soon some GULLIBLE CHANGE-TANIODS WILL START screaming sai buhari....

And next they will start blaming GEJ for all their failures . Its a season and administration of the blame games...