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Banks: some thirty states owe rescue funds of around 340 billion naira to the CBN

26/03/2024
Source : ORISHAS-FINANCE
Categories: Companies

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A central bank document mentioned that 31 state governments owe to the Central Bank of Nigeria. This is a total amount of 339.9 billion naira obtained to pay the wages of workers between 2015

and 2023.

The fund was facilitated through the was facilitated through the Salary Bailout Facility, a strategic intervention by the CBN that aims to ease the fiscal pressures faced by states. This fund was part of the more than 10.3 billion naira response fund made available by the umbrella bank under the former CBN governor, Godwin Emefiele. The document showed that 31 state governments have benefited from the initiative, with 457.17 billion naira disbursed. Despite the substantial disbursement, the principal repayment made so far amounts to 117.21 billion naira, with interest repayments of 45.21 billion naira

.
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