BAILOUT FUND LISTS AND RECENT DEVELOPMENT

The Central Bank of Nigeria (CBN) on Friday, September 19, has released the list of 19 states that have benefitted from the workers’ salary bailout package.

According to the CBN’s spokesman, Ibrahim Mu’azu, the bailout was in line with the recent resolution by the National Economic Council (NEC).

He noted that the development would ensure the affected states pay the backlog of their workers’ salary arrears.

The package has a 20-year repayment tenor for all states, except Ogun state, which opted for a 10 year tenor.

Below are the 19 states that benefited from the funds and amount of money received or to receive soon:

Abia (N14.152bn)
Adamawa (N2.378bn)
Bauchi (N8.60bn)
Bayelsa (N12.85bn)
Benue (N28.013bn)
Borno (N7.680bn)
Cross River (N7.856bn)
Delta (N10.036bn)
Ebonyi (N4.063bn)
Edo (N3.167bn)
Ekiti (N9.604bn)
Enugu (N4.207bn)
Gombe (N16.459bn)
Imo (N26.806bn)
Kastina (N3.304bn)
Kebbi (N0.690bn)
Kogi (N50.842bn)
Kwara (N4.320bn)
Nasarawa (N8.317bn)
Niger (N4.306bn)
Ogun (N19.00bn)
Ondo (N14.686bn)
Osun (N34.988bn)
Oyo (N26.606bn )
Plateau (N5.357bn)
Sokoto (N10.093bn)
Zamfara (N10.02bn)

Source: https://www.naij.com/556151-check-19-states-benefitted-workers-salary-bailout.html

Meanwhile, in recent development, on thursady, 21st 2016, in the National Economic Council meeting. 

The CBN Governor, Godwin Emefiele reported to the Council that a total sum of N689.5 billion has now been disbursed as salary assistance loan to States and additional N310 billion disbursed as Excess Crude Account-backed loans to States.

The Finance Minister, Kemi Adeosun informed the Council that President Muhammadu Buhari has approved the suspension of  monthly deduction at source for this month, and that no such deductions would be made this month from the FAAC allocations to the States.

 This act is intended by the President to provide the States with some financial relief at this time despite the fact that FAAC allocations are dwindling following the drop in oil prices.

In addition, the Vice President informed the Council that President Muhammadu Buhari,  will continue to review the situation of the States on an ongoing basis and take appropriate relief measures as necessary and when possible.

Source : Professor Yemi Osinbajo facebook page.