Buhari approves fresh N656bn support fund for 36 states
President Muhammadu Buhari has approved a fresh six hundred and fifty-six point one –one –two billion naira Bridge Financing Facility to all states in Nigeria.
The approval was part of the outcome of the National Economic Council (NEC) meeting on Thursday.
Finance Minister, Zainab Ahmed, informed NEC that the Bridge Facility is being processed by the Central Bank of Nigeria, stating that the funds will be disbursed in six tranches over six months, with a 30-year tenor, and a 2-year moratorium at an interest rate of 9 percent.
According to her, each state will get eighteen point two billion naira to help them meet financial obligations, especially the previous budget support due for repayment.
Ahmed said there would be deductions from state governments as repayment for the previous CBN bailout.
