N300b CBN workers’ pay bailout for 27 states ready

CBN Headquarters, Abuja

There is good news for cash-strapped states.

The N300 billion Central Bank of Nigeria (CBN) lifeline, which will enable them pay their workers, will be ready in two weeks.

Of the 36 states, 27 have applied to draw from the cash relief packaged by President Muhammadu Buhari through the apex bank.

The CBN facility is one of the three-pronged reliefs designed by the Federal Government to help financially troubled states.

The other two are:

• sharing of the $2.1 billion (about N414 billion) 2014 Income Tax/Education Tax; and
• dividends paid to the Federation Account through the Federal Inland Revenue Service (FIRS) by the Nigerian Liquefied Natural Gas (NLNG) Limited.

Besides, the states’ loans are to be rescheduled.

President Buhari, about three weeks ago, directed the CBN to package the loan to enable the states pay the backlog of salaries owed their workers.

The CBN is to package a Special Intervention Fund ranging from N250 billion-N300 billion to the states with low interests.

NATION