Dcmg2:
haha.Four months ago,They said by 2030,nigeria will be among the world's 20 largest economy.But as of today nigeria is among the world's top 20 largest economy by GDP(norminal) and 21st by GDP(PPP).
Oil price has fallen by 50%,our stock market losses billions of naira in market capitilization daily,we don't have constant power supply yet,everyday we are reading about boko haram, poverty,hardship,un paid salaries,probing,stolen funds e.t.c,but yet still,everyday our economy is growing rapidly.
If you don't make money in nigeria.,YOU ARE ON YOUR OWN

onyengbu:
some states that are not on the list are still hugely indebted.
Lagos for example.

PublicAssurance:
I'm so not a Hater....I Love everybody....but I hate Boko Haram sha

nobeku:
Are you mentally indisposed or just a freakin eediot?Don't you know that Nigeria's income has gone down due to oil prices?Even if Bill Clinton is a governor of any if this states,for now,he will need this palliative... Please individuals have to be seriously screened before being members of nairaland..Uneducated relics all over this medium..

chino11:
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..

chino11:
• 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/

nadisms:
My State Anambra remain indebted to PETER OBI for this feat... In his quote in 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 it 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

megabyte2:
So Oyo state got #26. Billion and Ajimobi is still owing.

chino11:
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..

ILIDEFI:


My respect actually goes to Anambra and Kano only. Rivers is a Niger Delta state with massive allocation, while Lagos has a massive IGR. They are not supposed to be indebted in any way.
It's a big shame that we have states like Bayelsa, Delta and Cross River on that list. Their governors and former governors are not supposed to be walking free on our roads today. They are supposed to be in jail. Same for shameless men like Rochas, TA Orji, Aregbesola, Idris Wada (though Osun and Kogi aren't Niger Delta anyway) etc.

eaglechild:
Where are the mad sycophants that are fond of singing the praises of Rochas.

Now the thief! has to borrow 26. 806 billion even though the state receives about the highest allocation in the SE and has the highest tax rates.

Where has all that money gone?

Imo has no new infrastructure to back up the monumental debt it owes, what a shame.

Thank God for Peter Obi.

I wish that man can rule Nigeria even if it is for one tenure, everyone will testify.

asha80:
I shudder to think how that 26bn for Imo came about

chino11:
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..

omoakinn:
EKITI #9.604 bili ok noted