The 36 States of the federation can benefit from a fresh loan from the federal government but must meet stringent conditions.
Minister of Finance, Mrs. Kemi Adeuson, who announced this said the loan will cover a period of one year.
Adeosun, who addressed newsmen after a meeting with states’ commissioners of finance, the loan will be extended to the state governments after they meet 22 stringent conditions put together under the fiscal sustainability plan.
According to her, the loan is in two tranches of 50 billion Naira for three months and 40 billion Naira for nine months.
Prompt News Online recalls that the Muhammadu Buhari administration in 2015 granted bailouts to states to the tune of about one trillion Naira specifically, to settle outstanding workers’ salaries.
