I Met Empty Treasury, As Buhari Approves N400billion Bailout For States For Workers’ Salaries

Even though PMB met empty treasury on assumption of office less than forty days ago, the nation can afford to bailout state governments to the tune of N400billion as a comprehensive relief PACKAGE to help end the lingering crisis of unpaid workers’ salaries in the country. Vanguard gathered that a three-pronged relief package that will end the workers plight include:

The sharing of about $2.1b (N413.7bn) in fresh allocation between the states and the federal government. The money is sourced from recent LNG proceeds to the federationACCOUNT, and its release okayed by the president;

A Central Bank-packaged special interventionFUND that will offer financing to the states, ranging from between N250bn to N300bn. This would be a soft loan available to states to access for the purposes of paying backlog of salaries;

And aDEBT RELIEF program proposed by the Debt Management Office, DMO, which will help states restructure their commercial loans currently put at over N660bn, and extend the life span of such loans while reducing their debt-servicing expenditures. Source; Vanguardngr

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