FG Gives 35 States N800m Each to Pay Salaries

November 24, 2017
FG Gives 35 States N800m Each to Pay Salaries

By Dipo Olowookere

The sum of N28 billion has been approved by the Federal Government for disbursement to 35 states of the federation to enable them pay workers’ salaries.

A breakdown showed that each of the beneficiary would receive the sum of N800 million as budget support from the FG.

Already, the Minister of Finance, Mrs Kemi Adeosun; and Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, have been directed to effect payments to the state governments.

Minister of Budget and National Planning, Mr Udoma Udoma, who briefed newsmen yesterday after the National Economic Council (NEC) meeting in Abuja, explained that the N28 billion is a form of loan to the states.

However, he noted that Lagos State is not taking the loan from the Federal Government.

“The Accountant General reported to the council that approval has been received and CBN has been directed to pay N800 million to each of the 35 states of the federation.

“Governors expressed appreciation to the Federal Government for the restoration of the Budget Support Loan Facility for July and August 2017,” the Budget Minister said.

This is not the first time the Federal Government is supporting the state governments with funding support to pay salaries, though there had been allegations of mismanagement trailing the last bailout fund.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

Dangote Cement distributors
Previous Story

Moody’s Downgrades Dangote Cement Rating to B1

Stock Investors
Next Story

Investors Gain N236b as Market Capitalisation Rises to N13tr

Latest from Economy

Don't Miss