 |
| President Muhammadu Buhari |
President Muhammadu Buhari has approved a
comprehensive relief package valued at over N400bn to put an end to the
lingering crisis of unpaid workers’ salaries in the country.
It was
gathered that a three-pronged relief package that will end the workers plight
include:
*The
sharing of about $2.1b (N413.7bn) in fresh allocation between the states and
the federal government. The money is sourced from recent LNG proceeds to the
federation account, and its release approved by the president;
*A
Central Bank-packaged special intervention fund that will offer financing to
the states, ranging from between N250bn to N300bn. This would be a soft loan
available to states to access for the purposes of paying backlog of salaries;
* And a
debt relief program proposed by the Debt Management Office, DMO, which will
help states restructure their commercial loans currently put at over N660bn,
and extend the life span of such loans while reducing their debt-servicing
expenditures.
(Bats)
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