Bailout: Zamfara, Kwara Get Funds, Other States To Follow

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Zamfara and Kwara states have received the disbursement of funds to pay workers outstanding salaries and more states are to follow, according to the Central bank of Nigeria.

A statement from CBN said that the two states met the requirements as agreed with their respective banks.

The apex bank said: “Efforts will be made in the coming days to conclude disbursements to other states so that all outstanding salaries to civil servants can be cleared.

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“The Central Bank of Nigeria, CBN, has approved the request by Deposit Money Banks, DMBs, to provide financial accommodation to state governments to enable them pay the backlog of salaries of their workers.

“This is sequel to the decision by the National Executive Council, NEC, at its meeting of June 29, requesting the Central Bank of Nigeria, in collaboration with other stakeholders to appraise and consider ways of liquidating the outstanding staff salaries owed by state and local governments.

Conditions for loans

“The conditions for accessing the loan facility include resolutions of the State Executive Council, SEC, authorising the borrowing and state House of Assembly consenting to the loan package, as well as issuance of Irrevocable Standing Payment Order, ISPO, to ensure timely repayment.

“Out of the 27 states involved, funds have been disbursed to two states, namely Zamfara and Kwara, that met the requirements as agreed with their respective banks.

“Efforts will be made in the coming days to conclude disbursements to other states so that all outstanding salaries to civil servants can be cleared.”

 

 

SEE ALSO:States Bailout: National Assembly Withdraws Suit Against Buhari

 

 

 


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