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CBN To Monitor States, Abia, Niger, Ondo, Five Others Get Bailout Funds by animalscientist(m): 2:23pm On Sep 15, 2015 |
[color=#000099][/color]The Central Bank of Nigeria (CBN) has set up a
monitoring mechanism using its branches
nationwide to ensure that the N338 billion special
intervention fund it disburses to the 27 states of the
federation to pay the backlog of workers’ salaries is
not diverted by the state governments to other uses.
This is coming on the heels of the central bank’s
disbursement of N65.334 billion from the N338
billion to eight more states.
The states which accessed the fund in the last two
weeks include Abia – N14.152 billion, Adamawa –
N2.378 billion, Bauchi – N8.60 billion, Ebonyi –
N4.063 billion, Gombe – N16.459 billion, Kebbi –
N0.690 billion, Ondo – N14.686 billion and Niger –
N4.306 billion.
With the disbursement to the eight states, this brings
to 11 states which have accessed the special
intervention fund of the CBN.
Kwara (N4.320 bilion), Osun (N34.988 billion) and
Zamfara (N10.020 billion) were the first three states
to be paid by the CBN last month.
A top CBN official, who confirmed the disbursement
to eight more states, however said the central bank
was concerned about the diversion of funds by the
state governors to other uses other than the payment
of workers’ salary arrears.
To prevent this from happening, he said the CBN was
setting up a monitoring mechanism to ensure that
funds are not diverted to other uses.
He also said the central bank would solicit the
support of civil society groups and labour unions to
ensure that workers are paid their salaries.
The official expressed optimism that if the state
governors stick to the terms of the agreement, the
injection of N338 billion would go a long way in
relating the economy because of the rise in
disposable income of public sector workers across
the states.
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 special intervention fund, which is in the form of
soft loans available to states to access solely for the
purpose of paying the backlog of salaries.
The loans attract an interest rate of 9 per cent and
are repayable over 20 years.
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.
[i]The Central Bank of Nigeria (CBN) has set up a
monitoring mechanism using its branches
nationwide to ensure that the N338 billion special
intervention fund it disburses to the 27 states of the
federation to pay the backlog of workers’ salaries is
not diverted by the state governments to other uses.
This is coming on the heels of the central bank’s
disbursement of N65.334 billion from the N338
billion to eight more states.
The states which accessed the fund in the last two
weeks include Abia – N14.152 billion, Adamawa –
N2.378 billion, Bauchi – N8.60 billion, Ebonyi –
N4.063 billion, Gombe – N16.459 billion, Kebbi –
N0.690 billion, Ondo – N14.686 billion and Niger –
N4.306 billion.
With the disbursement to the eight states, this brings
to 11 states which have accessed the special
intervention fund of the CBN.
Kwara (N4.320 bilion), Osun (N34.988 billion) and
Zamfara (N10.020 billion) were the first three states
to be paid by the CBN last month.
A top CBN official, who confirmed the disbursement
to eight more states, however said the central bank
was concerned about the diversion of funds by the
state governors to other uses other than the payment
of workers’ salary arrears.
To prevent this from happening, he said the CBN was
setting up a monitoring mechanism to ensure that
funds are not diverted to other uses.
He also said the central bank would solicit the
support of civil society groups and labour unions to
ensure that workers are paid their salaries.
The official expressed optimism that if the state
governors stick to the terms of the agreement, the
injection of N338 billion would go a long way in
relating the economy because of the rise in
disposable income of public sector workers across
the states.
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 special intervention fund, which is in the form of
soft loans available to states to access solely for the
purpose of paying the backlog of salaries.
The loans attract an interest rate of 9 per cent and
are repayable over 20 years.
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.
[/i]The Central Bank of Nigeria (CBN) has set up a
monitoring mechanism using its branches
nationwide to ensure that the N338 billion special
intervention fund it disburses to the 27 states of the
federation to pay the backlog of workers’ salaries is
not diverted by the state governments to other uses.
This is coming on the heels of the central bank’s
disbursement of N65.334 billion from the N338
billion to eight more states.
The states which accessed the fund in the last two
weeks include Abia – N14.152 billion, Adamawa –
N2.378 billion, Bauchi – N8.60 billion, Ebonyi –
N4.063 billion, Gombe – N16.459 billion, Kebbi –
N0.690 billion, Ondo – N14.686 billion and Niger –
N4.306 billion.
With the disbursement to the eight states, this brings
to 11 states which have accessed the special
intervention fund of the CBN.
Kwara (N4.320 bilion), Osun (N34.988 billion) and
Zamfara (N10.020 billion) were the first three states
to be paid by the CBN last month.
A top CBN official, who confirmed the disbursement
to eight more states, however said the central bank
was concerned about the diversion of funds by the
state governors to other uses other than the payment
of workers’ salary arrears.
To prevent this from happening, he said the CBN was
setting up a monitoring mechanism to ensure that
funds are not diverted to other uses.
He also said the central bank would solicit the
support of civil society groups and labour unions to
ensure that workers are paid their salaries.
The official expressed optimism that if the state
governors stick to the terms of the agreement, the
injection of N338 billion would go a long way in
relating the economy because of the rise in
disposable income of public sector workers across
the states.
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 special intervention fund, which is in the form of
soft loans available to states to access solely for the
purpose of paying the backlog of salaries.
The loans attract an interest rate of 9 per cent and
are repayable over 20 years.
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. |
(1) (Reply)
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