BUHARI APPROVED THE RELEASE OF 400 BILLION

President Muhammadu Buhari has approved the release of 400 billion Naira for the payment of state workers who have not been paid their salaries since the start of this year.


States like Osun who was hit the worst by dwindling state resources will benefit from the bailout.

 President Buhari also directed the Central Bank to put together a N250B package for other states experiencing financial difficulties.

 According to the announcement from the Presidency, the financial bailout comes in three plans:

 The sharing of about $2.1B in fresh allocation between the states and the federal government. The money is sourced from recent LNG proceeds to the federation account, and its release okayed by the president.

A Central Bank-packaged special intervention fund that will offer financing to the states, ranging from between N250B to N300B. This would be a soft loan available to states to access for the purposes of paying backlog of salaries.

Debt relief programs designed by the Debt Management Office, DMO, which will help states restructure their commercial loans currently put at over N660B, and extend the life span of such loans while reducing their debt-servicing expenditures.

This third option, by extending the commercial loans of the states, would therefore make available more funds to the state governments which otherwise would have been removed at source by the banks. The federal government will sway its financial muscle to guarantee the elongation of the loans for the benefit of the states.President Muhammadu Buhari on Saturday promised that his administration will make sure that all cases of political

assassination and kidnapping in the country are thoroughly investigated.

This promise was made while addressing state chairmen of the All Progressives Congress who visited him at the Presidential Villa, Abuja.

A statement by the President's Special Adviser on Media and Publicity, Femi Adesina said that

“I can confirm to you that the President did say during the closed-door meeting he had with the APC state chairmen that his administration will ensure that all cases of political assassination, intimidation and kidnapping in the country are thoroughly investigated to ensure that the perpetrators are brought to justice. The President said the cases will be investigated irrespective of the perpetrators’ political affiliations.”
#CHANGE
THANKS TO NIGERIANEWSDAY FOR THIS POST