FG provides financial support of 656 billion naira to 36 states as each state will receive 18 billion naira Nigeria news


  • The Central Bank of Nigeria is currently processing a bridge financing worth 656 billion naira for state governments, which will be spread over more than 6 months.
  • The fund was approved by President Buhari for states to meet their financial obligations, with each state receiving N18 billion
  • Federal government is also accelerating deployment of COVID-19 vaccine to reach 50% of target population

FCT, Abuja – In an effort to help state governments meet their financial obligations, especially the previous repayable budget support facility, President Muhammadu Buhari approved a new N656 billion naira interim financing facility for local governments. 36 states. Each state would receive 18.2 billion naira.

This was revealed on Thursday, November 18 at the meeting of the National Economic Council (NEC), which was held virtually and chaired by Vice President Yemi Osinbajo, along with governors, ministers, the governor of the Central Bank of Nigeria (CBN) and other senior government officials. officials present.

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Osinbajo
The virtual meeting of the NEC was chaired by Vice President Osinbajo. Photo credit: Aso Rock Villa
Source: Facebook

The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, informed the council that the bridge is currently being handled by the CBN.

The approved N 656.112 billion bridge facility will be paid in six installments over a six-month period to the states.

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Each of the 36 states is expected to have a total loan amount of N18.225 billion; with a duration of 30 years and a moratorium of 2 years at an interest rate of 9%.

The facility is to help states afford repayment of previous bailout facilities guaranteed to them by the federal government.

Also at today’s NEC, the Executive Director / CEO of the National Primary Health Care Development Agency (NPHCDA), Dr Faisal Shuaib, briefed the board on the status of the COVID-19 vaccine deployment. in the country.

Dr Shuaib noted that Nigeria has received over 100 million doses of COVID-19 vaccines (from COVAX, African Union, other countries) which he said were sufficient to scale up vaccination by about 50 percent of the target population.

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He added:

“The total eligible population of Nigerians for the vaccine is over 111 million. Given the availability of vaccines, we have started rolling out a plan to vaccinate 50% of Nigerians aged 18 and over by January 31, 2022. “

In his presentation to the Council on the State Performance Report on COVID-19, the Director General of the Nigeria Center for Disease Control (NCDC), Dr Ifedayo Adetifa said Nigerians must continue to maintain and support the response. COVID-19, especially as it enters the holiday season where there will be trips planned inside and outside the country, as well as mass events to herald the holiday season.

The CEO, NCDC added that the Delta variant of COVID-19 is still the dominant strain of concern in the country.

NEC: States and FG to pay compensation to victims of #EndSARS protests

Recall that the CEN met on Friday, October 15 where it was decided that the federal government will pay compensation to the victims of the #EndSARS protests.

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The council at the time also strongly advised against demonstrations planned to mark the anniversary of #EndSARS given the current security situation in Nigeria.

NEC urged organizers to consider other options while reeling in its resolutions on how to address the issues raised.

CBN to Empower Nigerian Undergraduates and Graduates

Meanwhile, the CBN has taken an important step towards ensuring that graduates and undergraduates in Nigeria are financially self-sufficient.

The apex bank recently revealed that it will expand its support for young people in higher education institutions with grants.

The bank announced that it would give the sum of 500 million naira to the top five Nigerian polytechnics and universities with the best ideas to promote their business.

Source: Legit.ng


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