Ibadan—The Oyo State House of Assembly has approved the application of the state government to approach the Federal Government for a N14.16 billion bailout fund.

The approval came up at an emergency plenary session of the Assembly yesterday, presided over by the Speaker, Hon. Michael Adeyemo. The speaker opined that the bailout, which would be given by the Federal Government in addition to the  monthly allocation, was strictly meant for the payment of workers’ salary in the state.

Gov Ajimobi Adeyemo said the approval of the legislature was one of the conditions spelt out by the Federal Government to states facing severe financial difficulties. He said from the bailout fund totalling N14.16 billion, a sum of N1.39 billion would be paid monthly for the first three months, while N1.11 billion would be paid monthly in the subsequent nine months.

The speaker said the bailout fund would be paid back to the Federal Government by the state with nine per cent accrued over a period of one year. He said, however, that the Federal Government had given a year suspension before the commencement of the loan payment.

In his words: “Federal Government has restricted states from getting loan facilities  from commercial banks partly due to its high interest rates. The government then decided to provide the bailout in form of a loan. “The repayment will not start until after a year moratorium by which time, hopefully, the state would have become economically viable,” he noted.
Read more at: http://www.vanguardngr.com/2016/06/oyo-assembly-approves-n14-2bn-fg-bailout-salaries/

Bailout that won't be fully used for its purpose to pay the workers' salary.

Tolexander:
Bailout that won't be fully used for its purpose to pay the workers' salary.

Na you talk that one o!

That's good move but but but oyo people should prepare for repay back in terms of TAX

Adesiji77:
Ibadan—The Oyo State House of Assembly has approved the application of the state government to approach the Federal Government for a N14.16 billion bailout fund.

The approval came up at an emergency plenary session of the Assembly yesterday, presided over by the Speaker, Hon. Michael Adeyemo. The speaker opined that the bailout, which would be given by the Federal Government in addition to the  monthly allocation, was strictly meant for the payment of workers’ salary in the state.

Gov Ajimobi Adeyemo said the approval of the legislature was one of the conditions spelt out by the Federal Government to states facing severe financial difficulties. He said from the bailout fund totalling N14.16 billion, a sum of N1.39 billion would be paid monthly for the first three months, while N1.11 billion would be paid monthly in the subsequent nine months.

The speaker said the bailout fund would be paid back to the Federal Government by the state with nine per cent accrued over a period of one year. He said, however, that the Federal Government had given a year suspension before the commencement of the loan payment.

In his words: “Federal Government has restricted states from getting loan facilities  from commercial banks partly due to its high interest rates. The government then decided to provide the bailout in form of a loan. “The repayment will not start until after a year moratorium by which time, hopefully, the state would have become economically viable,” he noted.
Read more at: http://www.vanguardngr.com/2016/06/oyo-assembly-approves-n14-2bn-fg-bailout-salaries/

ekiti,ondo,osun,Oyo state owing and can no longer pay salary,what is happening to SWestern states....

Adesiji77:
Ibadan—The Oyo State House of Assembly has approved the application of the state government to approach the Federal Government for a N14.16 billion bailout fund.

The approval came up at an emergency plenary session of the Assembly yesterday, presided over by the Speaker, Hon. Michael Adeyemo. The speaker opined that the bailout, which would be given by the Federal Government in addition to the  monthly allocation, was strictly meant for the payment of workers’ salary in the state.

Gov Ajimobi Adeyemo said the approval of the legislature was one of the conditions spelt out by the Federal Government to states facing severe financial difficulties. He said from the bailout fund totalling N14.16 billion, a sum of N1.39 billion would be paid monthly for the first three months, while N1.11 billion would be paid monthly in the subsequent nine months.

The speaker said the bailout fund would be paid back to the Federal Government by the state with nine per cent accrued over a period of one year. He said, however, that the Federal Government had given a year suspension before the commencement of the loan payment.

In his words: “Federal Government has restricted states from getting loan facilities  from commercial banks partly due to its high interest rates. The government then decided to provide the bailout in form of a loan. “The repayment will not start until after a year moratorium by which time, hopefully, the state would have become economically viable,” he noted.
Read more at: http://www.vanguardngr.com/2016/06/oyo-assembly-approves-n14-2bn-fg-bailout-salaries/

osun,ekiti,ondo and Oyo owing and can no longer pay salary,,what is happening to SWestern states

obaino860:



osun,ekiti,ondo and Oyo owing and can no longer pay salary,,what is happening to SWestern states

They are blessed with the most clueless governors ever, especially Ajimobi of Oyo State

The economic activities of Ibadan alone is enough to sustain the life and survival of Oyo State as a whole

But the governor is a lazy bunch and unconcerned

Lagos is killing south west. they better decentralize