Buhari Suspends Loan Repayment By States To Enable Them Pay Salaries
Editor
Posted On Apr 21, 2016
President Muhammadu Buhari has approved the suspension of loan repayment by states for the month of March, 2016.
This was disclosed by the minister of Finance, Kemi Adeosun at the 66th meeting of the National Economic Council.
According to the minister, the president approved the suspension to give the States some financial relief at a time the FAAC allocations are dwindling due to the drop in oil prices.
Governor of the Central Bank of Nigeria, 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.
On his part, Vice President, Prof. Osinbajo added that the President will continue to review the situation of the States on an ongoing basis and tale appropriate relief measures as necessary and possible.
