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BANKING & FINANCE

Respite for Osun, Ebonyi Workers as States Get N43 Billion Bailout Fund

Workers in Osun, Ebonyi and Niger states will soon get some respite as they will be getting their salaries in a couple of days following the disbursement of the states’ shares of the N338bn bailout fund to their respective state government accounts.

The Central Bank of Nigeria confirmed on Thursday that the three states’ accounts with their commercial banks had been credited with a combined sum of N43.357bn, with the breakdown showing that Osun got N34.988bn; Ebonyi, N4.063bn, while Niger received N4.306bn.

The Director, Corporate Communications, CBN, Mr. Ibrahim Mu’azu, said the disbursements were made this week, and that the central bank was ready to give approval within 24 hours after the submission of all required documents by the states for accessing the bailout.

The release of funds to Osun, Ebonyi and Niger states brings to six the number of states that have so far been paid from the N338bn bailout, with Kwara, Zamfara and Imo states receiving their money last week.

While noting that the state governments were aware of the basic requirements for accessing the loan, he said majority of the states are currently working to meet the requirements, adding that as they do so, they will get the central bank’s approval and gain access to the bailout.

Mu’azu said that the approval for the bailout was based on the CBN’s decision to collaborate with relevant stakeholders to consider ways of liquidating the salaries owed workers by state and local governments.

 

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Comments (4)

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  2. Respite for Osun, Ebonyi Workers as States Get N43 Billion Bailout Fund – http://t.co/G6MaN5TkL6 … –

  3. RT @BizWatchNigeria: Respite for Osun, Ebonyi Workers as States Get N43 Billion Bailout Fund – http://t.co/G6MaN5TkL6 … –

  4. Respite for Osun, Ebonyi Workers as States Get N43 Billion Bailout Fund http://t.co/rVzRZLapTj http://t.co/fdod3Xu0dn

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