Buhari approves fresh N656.11bn bailout for 36 states

President Muhammadu Buhari on Thursday approved a fresh N656.112 billion Bridge Financing Facility to the 36 states in the country.

The Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed this at the National Economic Council (NEC) meeting presided over by Vice President Yemi Osinbajo at the State House, Abuja.

She said each state would receive N18.225 billion with a 30-year tenor, and a two-year moratorium at an interest rate of 9 percent.

READ ALSO: Senate explains how Buhari loan request amounts to $29.96bn

The minister said the move would help the state governments meet financial obligations, with the previous budget support facility due for repayment.

Ahmed informed the Council that the Bridge Facility is now being processed by the Central Bank of Nigeria (CBN).

She revealed that the facility would be disbursed to the states in six tranches over a six months period.

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