By Emma Ujah, Abuja Bureau Chief, & Victor
Ahiuma-Young


THE Central Bank of Nigeria, CBN, said
yesterday that five more states got their shares
of its bail-out funds designed to ease the
financial challenges faced by the second tier of
government, to clear outstanding salary arrears
of their workers.

The Director of Corporate Communications of
the apex bank, Alhaji Ibrahim Muazu, said in
Abuja that the five states were Ebonyi, Ekiti,
Imo, Ogun and Oyo.

He disclosed that with the latest group of
beneficiaries, 15 states had accessed the N338
billion, which had been clarified as a loan and
not a grant.

The apex bank said for a state to receive the
fund, it must submit a resolution of the State
Executive Council, SEC, authorizing the
borrowing. It must also obtain an approval of
the states House of Assembly consenting to it
and issue an Irrevocable Standing Payment
Order, ISPO, to enable CBN deduct at source
when its allocations become available.

At the end of the last administration, only a few
states were up-to-date in meeting their financial
obligations due to alleged massive corruption
and refusal to prioritize payment of workers’
salaries by governors.

Benefiting states

The 10 states that received the bailout funds
earlier are Kwara, Osun, Zamfara, Niger, Bauchi,
Gombe, Abia, Adamawa, Ondo and Kebbi. The
delay in accessing the funds by some states, it
was learned, was due to the conditions placed
on it by CBN.

www.vanguardngr.com/2015/09/ebonyi-ekiti-imo-ogun-oyo-get-fgs-bail-out-funds/

Wow !! As it is now, I sure say dey don't share am finish by now.
#Ghanamustgobag#theboothoftheircars#gohome#

good news

Benue??

chocolateme:
Wow !!

Your state dey among abi

Thank God, Aregberascal can now pay the workers in his state

myqel:
Thank God, Aregberascal can now pay the workers in his state

Lol no be small rascal he be oooo....