President Buhari Approved The Release Of N713 Billion To Bailout State.

President Muhammadu Buhari has approved the release of N713.7billion intervention funds to state governments to pay
workers’ salaries.
The bailout is part of a three-pronged relief package that will end the workers’ plight, The Nation newspaper reported.
In the package are N413.7billion special intervention funds and the balance of about N250billion to N300billion, which is a soft loan to states.

The N413.7bn ($2.1billion) is sourced from the recent LNG proceeds and the remaining N300 billion is a Central Bank-packaged special intervention fund.
The Debt Management Office (DMO) is also expected to assist states to restructure over N660billion commercial loans.
With the development, deductions from monthly allocations to states at source, have been stopped.

The beneficiaries of the relief package include workers in Federal Ministries, Departments and Agencies (MDAs) who have remained unpaid for many months.
According to sources, the President took the decision to boost the purchasing power of Nigerians, especially average and low-income earners, and to reflate the economy.
The sources said: “In his resolve to put an end to the lingering crisis of unpaid workers’ salaries in the country especially in many states, President Muhammadu Buhari has approved a comprehensive relief package designed to save the situation.

“Specifically,the President has okayed a three-pronged relief package that will end the workers’ plight.
The sources said the bailout will take immediate effect from this week to ensure stability in all the states of the Federation and the Federal Capital Territory (FCT).
“The packages that have now been approved by President Buhari is expected to go into effect this week as the President is said to have directed that release of the funds should be made as soon as possible to assuage the plight of thousands of Nigerian workers in the federal and state governments.”
Source:PM News