FinanceNews

Buhari Approves N656 billion Bridge Financing Facility to 36 States

Buhari Approves N656 billion Bridge Financing Facility to 36 States

The President of the Federal Republic of Nigeria, Muhammadu Buhari has approved N656 billion as Bridge Financing Facility to the 36 States in Nigeria. Information Guide Nigeria

As reported NAN, this was disclosed by Minister of Finance, Zainab Ahmed at the virtual NEC meeting presided over by Vice President, Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

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NAIRAMETRICS reports that the Minister said that each state will receive the sum of N18.2 billion adding that this will enable the government of its state to meet financial obligations.

According to the Minister, the facility is being processed by Nigeria’s Central bank and the approved bridge facility of N656.112 billion will be disbursed over a period of six months to the states.

Ahmed stated, “Expectedly, each of the 36 States will have a total loan amount of N18.225 billion; with a 30-year tenor, and a 2-year moratorium at an interest rate of nine per cent. Jamb Result

“The facility is to help the states afford the repayment of previous bailout facilities guaranteed for them by the Federal Government.”

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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